Diplomat Announces Sale of Certain Assets of Envoy Health Management, LLC to Diligent Health Solutions, LLC
FLINT, Mich., Oct. 16, 2019 /PRNewswire/ -- Diplomat Pharmacy, Inc. (NYSE: DPLO), effective today, has completed the sale of certain assets of Envoy Health Management, LLC to Diligent Health Solutions, LLC, a multifaceted healthcare communication center. Financial details and additional terms of the transaction were not disclosed.
The contracts administered at the Chantilly, Virginia location as well as associated Envoy Health Management employees have been transferred to Diligent Health Solutions. Diplomat is retaining a portion of the Envoy Health Management operations, specifically the portion operated out of the Flint, Michigan location, which will continue to specialize in digital therapeutics and pharmaceutical services.
"Diplomat continues to support manufacturers with specialty drug and digital therapeutics services," Brian Griffin, CEO and chairman of Diplomat said. "With the sale of certain Envoy Health Management assets to Diligent Health Solutions, we are divesting non-core assets and expect to utilize the proceeds to pay down debt."
Diligent Health Solutions serves the pharmaceutical, biotech, medical device, and non-profit industries with a center supported by subject matter experts and highly experienced client services and operational management professionals. Diligent Health Solutions offers clients customized and cost-effective solutions, as well as unsurpassed attention from senior executives. The company takes a long-term view of its client partnerships and invests resources to ensure clients meet their goals and objectives — and are fully satisfied with their services.
Mary Anne Greenberg, Diligent Health Solution's CEO said, "With this acquisition, Diligent will now have locations in Philadelphia and Washington DC and we'll be able to leverage Diligent's newer technology and share expert resources across both locations. This is an exciting and strategic step for us, and we look forward to welcoming this esteemed team of contact center specialists, leaders, and client partners to the Diligent Health Solutions family."
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events or our future financial or operating performance, and may include Diplomat's expectations regarding the results of business or asset dispositions, impact of actions to reduce indebtedness, expected benefits and performance of business and growth strategies, the strategic alternatives review process and potential transactions that may be identified and explored as a result of such review process, impact of operational improvement initiatives and results of operational and capital expenditures. The forward-looking statements contained in this press release are based on management's good-faith belief and reasonable judgment based on current information. These statements are qualified by important risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those forecasted or indicated by such forward-looking statements. These risks and uncertainties include: our ability to adapt to changes or trends within the specialty pharmacy industry; our relationships with wholesalers and key pharmaceutical manufacturers; our debt service obligations; maintaining compliance with our amended credit facility covenants; increased financing and other costs; investments in new business strategies and initiatives, including with respect to data and analytics capabilities, could disrupt our ongoing business and present risks not originally contemplated; potential disruption to our workforce and operations due to cost savings and restructuring initiatives; the ability to identify and consummate strategic alternatives that yield additional value for shareholders; the timing, benefits and outcome of the Company's ongoing strategic alternatives review process, including the determination of whether or not to pursue or consummate any strategic alternative; the structure, terms and specific risks and uncertainties associated with any potential strategic transaction; potential disruptions in our business and the stock price as a result of our exploration, review and pursuit of strategic alternatives or the public announcement thereof and any decision or transaction resulting from such review, including potential disruptions with respect to our employees, vendors, clients and customers; and the additional factors set forth in "Risk Factors" in Diplomat's most recent Annual Report on Form 10-K and in subsequent reports filed with or furnished to the Securities and Exchange Commission. Except as may be required by any applicable laws, Diplomat assumes no obligation to publicly update such forward-looking statements, which are made as of the date hereof or the earlier date specified herein, whether as a result of new information, future developments, or otherwise.
Diplomat (NYSE: DPLO) is the nation's largest independent provider of specialty pharmacy and infusion services. Diplomat helps people with complex and chronic health conditions in all 50 states, partnering with payers, providers, hospitals, manufacturers, and more. Rooted in this patient-care expertise, Diplomat also serves payers through CastiaRx, a leading specialty benefit manager, and offers tailored solutions for healthcare innovators through EnvoyHealth. Diplomat opened its doors in 1975 as a neighborhood pharmacy with one essential tenet: "Take good care of patients and the rest falls into place." Today, that tradition continues — always focused on improving patient care. For more information, visit diplomat.is.
About Diligent Health Solutions
Founded by Life Science industry veterans Mary Anne Greenberg and Ron Abel, Diligent Health Solutions provides biopharma companies with a broad range of solutions and services, including patient engagement programs, medical information, creation of health information content, medical device support, telephone-based pharmaceutical sales, and product recall support. For more information, visit diligenthealthsolutions.com.
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SOURCE Diplomat Pharmacy, Inc.