AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Comprehensive Pharmacy Services Announces Sale to Frazier Healthcare Partners

April 16, 2019

MEMPHIS, Tenn.--(BUSINESS WIRE)--Apr 16, 2019--Comprehensive Pharmacy Services (“CPS” or the “Company”), a leading provider of enterprise pharmacy solutions to hospitals and health systems, announced today its sale to Frazier Healthcare Partners (“Frazier”).

The Company’s partnership with Frazier will allow CPS to continue to expand its capabilities and solution suite and provide differentiated access to potential business partners and customers. This combination makes Frazier the ideal partner to support CPS’s continued penetration into a growing market.

“Frazier is very pleased to have led this significant investment in CPS,” said Ben Magnano, Frazier General Partner. “We see this particular sector as having considerable headroom for growth as hospitals and health systems look for ways to better manage drug costs, solve pharmacy staffing challenges, and improve patient care. CPS is a leader in providing inpatient and outpatient pharmacy management services and we are delighted to be partnering with them. This new investment for Frazier continues to leverage a long-standing thesis we have held with regard to opportunities around hospital outsourcing.”

Don Nickleson, former Chairman of CPS, will serve on the Board of Directors as an observer going forward. Mr. Nickleson commented, “We are thrilled to partner with Frazier as it will enable CPS to deliver our industry-leading services across a significantly broader client base and further invest into our growing outpatient specialty pharmacy management offering. The entire team is excited to begin this new chapter as we focus on expansion and growth while creating enhanced services for our valued clients and exciting opportunities for our talented employees.”

The transaction closed at the beginning of March 2019.

About Comprehensive Pharmacy Services

Founded nearly 50 years ago and employing over 2,500 pharmacy professionals, Comprehensive Pharmacy Services is one of the nation’s largest provider of pharmacy services to more than 800 hospitals and healthcare facilities nationwide. CPS helps their clients tackle complex problems such as hyper-inflated drug costs, specialty pharmacy, ambulatory/retail strategy, operational effectiveness and staffing efficiency. In addition, they address 340B programs, accreditation and compliance auditing, and much more. CPS helps pharmacy leaders drive cost, quality and safety improvements across the continuum of care. For more information, visit http://www.cpspharm.com.

About Frazier Healthcare Partners

Founded in 1991, Frazier Healthcare Partners is a leading provider of private equity capital to healthcare companies. With more than $4.2 billion total capital raised, Frazier has invested in more than 170 companies with investment type ranging from company creation and venture capital to buyouts of profitable lower-middle market companies. Frazier has offices in Seattle, WA, and Menlo Park, CA, and invests broadly across the U.S., Canada and Europe. For more information about Frazier Healthcare Partners, visit  www.frazierhealthcare.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190416005255/en/

CONTACT: Jeff Foreman

Group President

Comprehensive Pharmacy Solutions

Jeff.Foreman@cpspharm.com

KEYWORD: UNITED STATES NORTH AMERICA TENNESSEE

INDUSTRY KEYWORD: HEALTH HOSPITALS PHARMACEUTICAL

SOURCE: Comprehensive Pharmacy Services

Copyright Business Wire 2019.

PUB: 04/16/2019 08:00 AM/DISC: 04/16/2019 08:00 AM

http://www.businesswire.com/news/home/20190416005255/en

All contents © copyright 2019 The Associated Press. All rights reserved.