Swedesboro NJ - (BUSINESS WIRE) - Wedgewood
Pharmacy has reached a definitive agreement to purchase the San Jose,
California-based assets of Leiters Enterprises. These assets comprise the
equipment and facilities in a 22,000 square-foot, FDA-registered
503B outsourcing facility that is licensed in 45 U.S. states. The company
will operate as Wedgewood Connect. Wedgewood Pharmacy has begun the rigorous
work of validating processes and preparations for production of its medications
in the San Jose facility. Wedgewood Connect expects to begin releasing
preparations in the fourth quarter of 2020, including sterile injectables and
ophthalmics, none of which were previously produced by Leiters. The transaction
is expected to close on or before June 30.
The company also has agreed to acquire Wildlife Pharmaceuticals, Inc.,
Windsor, Colorado, and its wholly owned pharmacy subsidiary,
ZooPharm, Laramie, Wyoming. The
companies serve veterinarians and patients in the wildlife and zoo markets.
ZooPharm is a veterinary compounding pharmacy that provides
veterinary-anesthesia and pain-management medications to care for non-domestic
species, resident wildlife, captive exotic breeds, and companion animals. The
transaction is expected to close within 90 days, pending regulatory approvals.
Among ZooPharm’s preparations are the BAM™ Kit, which includes a patented
combination of Butorphanol tartrate, Azaperone tartrate, and Medetomidine
hydrochloride that is used to immobilize a broad range of species, along with a
reversal agent; a patented, slow release buprenorphine prescribed primarily to
companion animals for post-operative recovery; and sustained-release analgesics
and anesthetics used to manage pain. The company is licensed in all 50 states.
Wedgewood Pharmacy intends to maintain the ZooPharm brand, while making
Wedgewood Pharmacy’s extensive animal health formulary available to ZooPharm’s
client base. ZooPharm’s specialized preparations also will be offered to
Wedgewood Pharmacy’s veterinary customers.
Terms for both transactions were not disclosed.
Marcy A. Bliss, president and CEO of Wedgewood Pharmacy said: “We believe
that our ability to offer preparations from both a 503B outsourcing facility as
well as our traditional state-regulated pharmacies will give our customers a
broader range of options designed to meet their specific needs. This capability
will further our mission of improving the lives of animals and those who love
them.”
The establishment of 503B outsourcing facilities was created in 2013 as part
of the Drug Quality and Security Act. Traditional state-licensed compounding
pharmacies, like Wedgewood Pharmacy, are regulated by state boards of pharmacy
and compound medications under strict standards set by the United States
Pharmacopeia, while 503B outsourcing facilities voluntarily register with FDA
and are regulated under cGMP standards.
Bliss commented on the acquisition of Wildlife Pharmaceuticals/ZooPharm,
noting, “We are honored to carry on the legacy started by Dr. Bill Lance in his
quest to increase the care and survival of wildlife and zoo species.”
About Wedgewood Pharmacy
Wedgewood Pharmacy is the largest animal health compounding pharmacy in the
U.S. and has also served the human health market since its founding in 1980. Compounded medications are preparations customized to the unique needs of a
patient. They are created and prepared by specially trained pharmacists and
pharmacy technicians in state-regulated facilities when mass-manufactured drugs
are not, according to the prescriber, available or are not appropriate for a
patient.
In its 40 years, Wedgewood Pharmacy has grown from a local community pharmacy
to become one of the largest compounding pharmacies in the United States; it is
the leading compounding pharmacy in animal health. Wedgewood Pharmacy serves
more than 50,000 prescribers and hundreds of thousands of patients throughout
the U.S. every year.
George (late) and Lucy Malmberg, both pharmacists, purchased Wedgewood
Pharmacy in 1981; the pharmacy was founded in 1980. In June 2016, Chicago-based New Harbor Capital made a majority equity investment in Wedgewood Pharmacy. In July 2018, the company
acquired Diamondback Drugs, Scottsdale, Arizona. In 2020, the company intends to
offer products from Wedgewood Connect, in San Jose, California, and will acquire
Wildlife Pharmaceuticals/ZooPharm.
Wedgewood Pharmacy is accredited by the Pharmacy Compounding Accreditation
Board (PCAB®) for compliance with PCAB and other nationally recognized
compounding standards. PCAB was formed by eight of the nation’s leading pharmacy
associations and is a service of Accreditation Commission for Health Care. As a
third-party accreditation organization, PCAB has developed the highest national
standards against which providers are measured to demonstrate their ability to
effectively and efficiently deliver quality compounded medications to consumers.
Wedgewood Pharmacy employs more than 650 people in its state-of-the-art
compounding pharmacies in Swedesboro, New Jersey and Scottsdale, Arizona, and
its facility in San Jose, California.
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