Wellpartner Inc., a Portland, Ore.-based provider of pharmacy distribution solutions, has raised $16.1 million in Series D funding. Burrill & Co. led the round, and was joined by the Oregon Investment Fund and return backers 3i Group, Buerk Dale Victor, Integra Ventures, Greenwoods Capital Partners and Mediphase Venture Partners.
Wellpartner Inc., a nationally recognized provider of pharmacy distribution solutions for health plans, Medicaid programs, and safety-net providers nationwide, announced today that it has completed a $16.1 million Series D equity financing. Burrill & Company's Venture Capital Group led the investment, with additional participation from Credit Suisse, the manager of the Oregon Investment Fund, as well as all previous Series C investors:
The recent round of financing follows numerous significant company milestones in Wellpartner's mail order pharmacy and 340B contract pharmacy lines of business. In January 2008, the Company began serving the mail order pharmacy needs for
“By providing responsive service that is focused on our customers' requirements and innovative solutions that increase access to affordable medications, we have carved out a leadership position for our distribution solutions,” said W. Michael Wright, Wellpartner CEO. “As we expand our capabilities, we're excited to have new partners join with our existing investors to help us capitalize on our growth and expand our product and service offerings to additional markets.”
Proceeds will be used to fund Wellpartner's strategic growth initiatives to expand mail order pharmacy fulfillment for commercial insurers and Medicaid plans and to grow the Company's retail contract pharmacy program for health care safety-net providers that participate in the federal 340B drug discount program.
With the completion of this investment, Dr. Caroline Kovac from Burrill & Company will join Wellpartner's Board of Directors.
“Burrill & Company is pleased to join Credit Suisse and the existing investors in providing additional financing to Wellpartner as it continues to build on its already successful business,” said Carol Kovac. “Wellpartner's customer-focused, innovative products have positioned the Company as a national leader in both pharmacy distribution solutions and as a contract pharmacy provider for the federal 340B program. I personally look forward to working more closely with the Company as a new member of its Board of Directors as it continues to grow.”
“The rapid expansion of Wellpartner's business is impressive,” said David Almodovar, Vice President at Credit Suisse and manager of the Oregon Investment Fund. “We are excited to partner with Burrill & Company and the existing investor group to grow an
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Founded in 1999, Wellpartner is a privately held, venture-backed and nationally recognized provider of outsourced pharmacy distribution solutions for health plans, Medicaid programs, and safety-net providers nationwide. The Company's state-of-the-art automation and proprietary technology provide home delivery pharmacy solutions that lower pharmacy costs for payers of prescription drugs while improving pharmacy care and health outcomes for patients who use them. Using proprietary business processes, Wellpartner's 340B Access SolutionTM increases patient access to low cost drugs that are available through the 340B program while increasing revenue and providing care management services for clinics and hospitals in the health care safety-net. Wellpartner is the largest independent provider of Contract Pharmacy program services for the 340B program in the United States, a market estimated at more than $5 billion annually. To learn more about Wellpartner, go to www.wellpartner.net.
About Burrill & Company
Founded in 1994, Burrill & Company is a San Francisco-based global leader in life sciences with activities in Venture Capital, Private Equity, Merchant Banking and Media. The Burrill family of venture capital funds has over $950 million under management and its merchant banking business is one of the industry leaders in life sciences transactions. The company's 60 person scientific and business team, supported by its 40-person Advisory Boards, the strategic and financial network of its limited partners, and the close relationships developed with numerous life sciences companies and management, provide Burrill with unparalleled access and insight.
Burrill is also the creator, sponsor and facilitator of over a dozen leading industry conferences worldwide and a wide range of bio-intelligence reports including: The Burrill Biotechnology Report monthly, The Personalized Medicine Report and the Stem Cell Report. Burrill also publishes The Journal of Life Sciences