LLR PARTNERS AND QUAKER BIOVENTURES ANNOUNCE SALE OF PORTFOLIO COMPANY MEDMARK HOLDINGS INC.
Leading Specialty Pharmacy Acquired by Walgreen Co.
Pittsburgh, PA, June 29, 2006-LLR Partners and Quaker BioVentures announced today the sale of their portfolio company, Medmark Holdings Inc. ("Medmark" or the "Company"), to Walgreen Co. (NYSE, NASDAQ: WAG). Medmark provides comprehensive specialty pharmaceutical services to regional and national managed care companies across the United States, specializing in the distribution of injectables, infusibles and advanced oral medications to patients with unique or chronic medication needs. Financial terms of the transaction were not disclosed.
LLR and Quaker invested in Medmark in March 2004, shortly after formation of the Company by Highmark Inc. in late 2003. Highmark has served as a major investor and customer of Medmark since the Company's founding.
"LLR and Quaker have been great partners from the outset," said Stanley B. Blaylock, CEO of Medmark and one of the Company's founders. "The support of our investors was instrumental in building a successful Company in such a short period of time."
"The sale of Medmark is a tremendous outcome for all involved," said Howard Ross, Partner at LLR Partners. "We achieve a strong return on our investment, Walgreens acquires a tremendous platform on which to build its specialty pharmacy business, and Stan and his team are provided the opportunity to continue to execute their vision within an organization with significant reach and resources."
"Stan and the Medmark team are an exceptional group, and we're quite pleased to have had the opportunity to work with them," said Sherrill Neff, Managing Partner at Quaker. "We continue to be committed to Western Pennsylvania, which is a rapidly emerging center of excellence for the life science industry."
Blaylock will continue as President of Medmark, operating under the Walgreens Specialty Pharmacy division. The Company will remain in Pittsburgh, and will serve as the growth platform for Walgreens' national expansion in the specialty pharmacy industry. The transaction is expected to close this summer.
About LLR Partners Inc. (LLR) LLR Partners Inc. is a $620 million private equity firm providing capital to middle market companies with growth potential, proven business models and outstanding management teams. LLR typically invests $10 million to $40 million across a broad range of industries. LLR seeks to create value through a variety of transactions, including expansion capital investments, buyouts and recapitalizations. For more information about LLR, please visit www.llrpartners.com.
About Quaker BioVentures Inc. (Quaker) Quaker BioVentures is a $280 million venture capital firm dedicated to investing in life science companies located in the Mid-Atlantic region. The firm leads investments in companies across the spectrum of the life science industry, including biopharmaceuticals, medical devices, human diagnostics, health information technology, and healthcare services. Quaker BioVentures invests in companies at varying stages of development, from early stage businesses to public companies. For more information about Quaker, please visit www.quakerbio.com.
About Medmark Holdings Inc. (Medmark) Medmark is a full-service, national specialty pharmacy company that provides specialized pharmacy care (including injectables, infusibles, and advanced oral medications) to patients with unique or chronic medication needs for conditions such as hepatitis, multiple sclerosis, respiratory syncytial virus ("RSV"), growth hormone disorders, HIV, infertility, hemophilia, immune deficiency, psoriasis, rheumatoid arthritis, organ transplants, and cancer. Medmark provides biopharmaceuticals along with specific supplies and services to meet the unique needs of those patients requiring specialized pharmacy care. Headquartered in Pittsburgh, PA, Medmark has expanded rapidly in the last several years and provides comprehensive specialty pharmaceutical services to regional and national managed care companies across the United States.
About Walgreen Co. (Walgreens) Walgreen Co. is the nation's largest drugstore chain with fiscal 2005 sales of $42.2 billion. The company operates 5,251 stores in 45 states and Puerto Rico. Walgreens also provides additional services to pharmacy patients and prescription drug and medical plans through Walgreens Health Services, its managed care division, which includes Walgreens Health Initiatives Inc. (a pharmacy benefits manager), Walgreens Mail Service Inc., Walgreens Home Care Inc. and Walgreens Specialty Pharmacy.
About Highmark Inc. (Highmark) As one of the leading health insurers in Pennsylvania, Highmark's mission is to provide access to affordable, quality health care enabling individuals to live longer, healthier lives. Based in Pittsburgh, Highmark serves 4.6 million people through the company's health care benefits business. Highmark contributes millions of dollars to help keep quality health care programs affordable and to support community-based programs that work to improve people's health. The company provides the resources to give its members a greater hand in their health.
Highmark is an independent licensee of the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield Plans. For more information, visit www.highmark.com.
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