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PHOENIX, Oct. 19, 2016 /PRNewswire/ -- Avella Specialty Pharmacy has announced that it has signed a definitive agreement to acquire Advanced Pharma Inc., a leading provider of compounded sterile preparations to hospitals and health systems nationwide. The transaction is expected to close in the fourth quarter of 2016. With this acquisition, Avella furthers its strategic vision of becoming the leading omni-site specialty pharmacy in the nation. The purchase will also add to the breadth of Avella's compounding capabilities, clinical services and product offerings.
Advanced Pharma, based in Houston, is an FDA-registered 503B Outsourcing Facility providing compounded products to hospitals, health systems and ambulatory surgery centers nationwide. Most of these medications are administered by injection, IV or pump in the hospital setting and are used to manage pain, dehydration, infection and other serious issues in acute care. Advanced Pharma maintains a state-of-the-art, 35,000-square-foot production facility, which, when coupled with Avella's clean room facilities in Phoenix, will create industry-leading capacity.
Avella offers breakthrough specialty and compounded medications to patients and providers for the treatment of serious health conditions, such as cancer, hepatitis C, HIV, and a number of other conditions. Avella's pharmacists partner with providers to serve as a critical member of each individual's care team. The company also works to improve patient outcomes and reduce cost through services such as its financial assistance programs, medication adherence tools and patient outreach.
"We are very excited to become part of a leading specialty pharmacy with such a strong reputation for clinical excellence," said Advanced Pharma President Bourjois Abboud. "Avella's national footprint, deep industry relationships and expertise in this space, combined with Advanced Pharma's own capabilities and product mix, will position the company for success today and far into the future."
Advanced Pharma, which will be rebranded as part of Avella after this transaction closes, maintains a strong commitment to excellence in quality and customer service. The organization also shares Avella's high standards for patient safety, illustrated by Advanced Pharma's maintenance of current Good Manufacturing Practices in its compounding processes. These combined capabilities made the opportunity to purchase Advanced Pharma particularly attractive to Avella's leadership.
According to Avella CEO Rebecca M. Shanahan, "Avella immediately recognized the potential of this company in terms of its visionary leadership team and its dedication to providing the highest-quality products to its hospital partners. Like Avella, Advanced Pharma is always striving to provide greater value to clients and the industry at large. The integration of Advanced Pharma's people, processes and products into our own organization is a natural evolution for Avella's growth and will position us as the premier national provider of specialty drugs and compounded therapies."
About Avella Specialty Pharmacy Headquartered in Phoenix, Arizona, Avella Specialty Pharmacy is a National Accredited Specialty Pharmacy, providing individualized care and support to patients since 1996. Avella's clinical pharmacists and staff members are experts in managing complex disease states and providing compassionate care. The company offers a nationwide distribution service to complement its retail locations. In 2016, Avella was named Specialty Pharmacy of the Year by NASP, a nationally recognized pharmacy trade committee. Inc. Magazine's 2016 list of the 5,000 fastest-growing private companies in the country included Avella for the tenth consecutive year and also recognized Avella as the fastest-growing woman-led company in 2015. In addition, the Arizona Corporate Excellence Awards named Avella Specialty Pharmacy as the second fastest-growing private company based in the state in 2015. For more information, please visit www.avella.com.
About Advanced Pharma Advanced Pharma is a leading provider of sterile compounded preparations used in the acute care setting. This Texas-based compounding facility is dedicated to maintaining the highest levels of quality in all of its preparations. It is an FDA-registered 503B Outsourcing Facility, meeting FDA guidelines for sterility and safety including the maintenance of current Good Manufacturing Practices (cGMPs) within the company's facilities. Advanced Pharma offers compounded formulations across 14 therapeutic classes within its 35,000-square-foot production facility. These preparations are administered by injection, IV or pump in the hospital setting and include pain management medications as well as therapies for dehydration, infection and other serious medical issues.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/avella-specialty-pharmacy-agrees-to-acquire-advanced-pharma-300347316.html
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