Wellpartner Completes $7.5m Series C Financing led by 3i
27 May 2007 Wellpartner, an innovative provider of pharmacy fulfillment solutions that is focused on increasing access to medications for uninsured individuals, today announced it has completed $7.5 million in Series C financing.
The funding will be used for working capital and to support the Company’s strategic growth initiatives to provide pharmacy fulfillment solutions for commercial and Medicaid health plans and health care safety-net providers nationwide. The funding, which was led by 3i and Buerk Dale Victor, also included significant commitments from Integra Ventures, Mediphase Venture Partners and Greenwoods Capital.
“This financing will allow us to expand the breadth of our product and service offerings to Commercial payers and State Medicaid organizations as well as the growing network of health care providers that serve our least fortunate population," said W. Michael Wright, Wellpartner CEO. "We are rapidly establishing a leadership position with innovative approaches to help increase access to medications and lower overall costs for America’s underserved and we are excited to have new partners in our growth.“
Wellpartner serves a variety of commercial health plans, Medicaid health plans and safety-net providers with pharmacy fulfillment, pharmacy administration and professional service solutions. The Company has particular expertise in the Public Health Service 340B program, a drug discount program created by the federal government to provide medications to America’s most vulnerable individuals at substantially reduced prices. Wellpartner is the largest provider of 340B contract pharmacy services in the country, a market with over $3.5 billion in drug sales annually.
As part of this financing round, David Shapiro of 3i, Todd Marker of Buerk Dale Victor, Hans Lundin of Integra Ventures and Keith Mullins of Greenwoods Capital have joined Wellpartner’s Board of Directors.
“Wellpartner has a strong management team and is broadly recognized as a thought leader in developing programs to bring prescription drug coverage to the 47 million Americans who lack adequate access to health insurance,” noted Todd Marker. “With this latest round of financing, the Company is well positioned to strengthen its role as a preferred provider in the rapidly changing market for prescription drug coverage.”
“Today, an estimated 41 percent of working age Americans with moderate to middle incomes lack adequate health coverage in this country,” said David Shapiro. “As more and more employers withdraw traditional health insurance coverage for their employees, these individuals will need the innovative distribution and management programs that Wellpartner excels in, to gain access to lower cost medications.”
Hans Lundin added, “Virtually every governor in the nation this year is seeking ways in which they can provide expanded health coverage for residents of their states. Health care delivery in this country, and particularly pharmacy benefit delivery, is changing and companies like Wellpartner that excel in transparent cost-based drug fulfillment programs are positioned to capitalize on this shift.”
3i is a world leader in private equity and venture capital. We focus on Buyouts, Growth Capital and Venture Capital and invest across the United States, Europe and in Asia. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business. These underpin the value that we deliver to our portfolio and to our shareholders.
3i’s Venture Capital partners focus on investing in scaleable early to late stage technology and healthcare businesses on a global basis. The business currently manages investments across Europe, US, Asia and Israel. 3i VC plans to invest $1.5bn funds over the next five years in ambitious companies in three main areas: healthcare (medtech and biotech), consumer IT (telecomms, Internet, media and electronics) and the clean technology sector.
Recent investments in healthcare include Glucon, Healthcare Brands International, TransMedics, Zonare, Small Bone Innovations, Carmel Pharma, Endosense and Triage Wireless with successful trade sales for Domantis, SBL Vaccines, KuDOS Pharmaceuticals, Arakis, NeoPharma, PHARMetrics, and SpineNext and IPOs for ProStrakan, Arpida, Paion, Jerini, Epigenomics, Phoqus and Ardana. For more information, go to: www.3i.com.
For further information please contact:
tel. +44 207 975 3573