Company joins extensive healthcare portfolio
Chicago, IL, May 5, 2022 — The Vistria Group announced today that it has signed a definitive agreement, together with General Atlantic and Nautic Partners, to acquire PANTHERx RARE (“PANTHERx”), a leading specialty and rare pharmacy, from Centene Corporation (NYSE: CNC). The transaction represents The Vistria Group’s seventh investment from Vistria Fund IV, LP, a $2.68 billion fund. The transaction is expected to close in the next two to four months, subject to applicable regulatory approvals and customary closing conditions.
PANTHERx is one of the largest and fastest growing specialty and rare pharmacies in the United States. By streamlining the process of delivering life-saving medication, PANTHERx provides better support to biopharmaceutical partners, payers, prescribers, and most importantly, patients living with rare and orphan diseases.
“PANTHERx transforms lives by providing access solutions to people living with rare medical conditions,” said Jon Maschmeyer, Senior Partner and Co-Head of Healthcare at The Vistria Group. “We assessed the business with our Operating Partners and Senior Advisors, whom we have worked with for several years, and our investment was a collaborative effort to bring focus to an area that not only has been significantly underserved but also offers a wealth of opportunity to enhance the lives of patients. We are excited to partner with Rob Snyder, CEO, and the rest of the management team as we support the business in its growth trajectory.”
As PANTHERx has grown, the caliber of their partner products, clinical services, channel management systems and technology have advanced in response. Evidence to their success, PANTHERx was recently named by the National Association of Specialty Pharmacy (NASP) as the Specialty Pharmacy of the Year and earned the inaugural Accredited Distinction in Rare Diseases and Orphan Drugs from the Accreditation Commission for Health Care (ACHC). In addition, PANTHERx is a five-time winner of the prestigious MMIT Patient Choice Award for their best-in-class customer satisfaction and overall patient care.
“In line with our thematic approach, we identified rare and orphan disease focused specialty pharmacies as critical in supporting the healthcare journeys of patients suffering from rare and orphan diseases. We have been actively evaluating the sector for several years and believe PANTHERx is the ideal platform,” added Natasha Latif, Principal at The Vistria Group. “We are also excited that PANTHERx is complementary with other investments in our portfolio and look forward to PANTHERx collaborating with the CareMetx and BioCare teams on opportunities.”
About PANTHERx RARE
PANTHERx Rare is one of the largest and fastest growing rare pharmacies in the United States. PANTHERx transforms lives by delivering medicine breakthroughs, clinical excellence, and access solutions to people living with rare and devastating conditions. Although the overall incidence of rare diseases is as common as diabetes, less than 7% of the 7,000 known rare and devastating disorders have an FDA-approved therapy. Changes in federal policy and advances in science have led to a surge in FDA orphan drug approvals, providing tremendous hope to the rare disease community.
PANTHERx was recently awarded Specialty Pharmacy of the Year by the National Association of Specialty Pharmacy (NASP) and earned the inaugural Accredited Distinction in Rare Diseases and Orphan Drugs from the Accreditation Commission for Health Care (ACHC). PANTHERx is a four-time winner of the prestigious MMIT Patient Choice Award, including the 2021 honor. PANTHERx is headquartered in Pittsburgh, Pennsylvania, licensed in all 50 states, and holds accreditations from URAC, NABP, and ACHC. For more information, visit www.pantherxrare.com.
About The Vistria Group
The Vistria Group is a Chicago-based next generation private investment firm that operates at the intersection of purpose and profit. The Vistria Group partners with middle-market businesses in Healthcare, Education and Financial Services that are passionate about growth and committed to the community. Its decision to invest in these areas is driven by its belief in companies producing scalable social value. The Vistria Group’s team is comprised of highly experienced operating partners and investment professionals with proven track records of working with management teams in building innovative, market-leading companies.