Health-focused Consonance buys two pharma companies in joint venture


globulin-i-9831-mPrivate equity investor Consonance Capital Partners has teamed up with hospice pharmaceuticals service provider Enclara Health to buy pharma companies excelleRx and PBM Holding Company.

The new partnership will take on approximately 475 hospice providers and 84,000 patients a day as part of the deal.

Consonance  is believed to be tapping its first private equity fund for the investment. The vehicle easily beat its $350m target closing on $500m hard cap in July.

The firm announced that it had completed a recapitalisation of Enclara Health in April this year.

Managing partner Ben Edmands said, “The combination of Enclara, Hospice Pharmacia and PBM Plus will provide our hospice customers with a comprehensive offering that puts their needs at the forefront.

“By maximising the service and clinical excellence that these companies are known for and adding operational efficiencies through leveraging the respective technologies and dispensing infrastructure of each company, the combined business is uniquely positioned to deliver high value added, cost effective pharmacy support, direct to patients’ homes and through a local pharmacy PBM network.”

New York-based Consonance was set up by a trio of former JP Morgan execs and targets lower mid-market companies in the US healthcare industry, with an emphasis on businesses driving efficiency, cost containment and high quality clinical care.

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