US-based healthcare investment firm Frazier Healthcare Partners has completed its acquisition of home-based infusion services provider BioMatrix Specialty Infusion Pharmacy.
Frazier acquired BioMatrix from Acon Investments and Triton Pacific Healthcare.
BioMatrix is an independent provider of speciality infusion services in the US, with expertise in neurological diseases, immunology deficiencies, transplants, and blood disorders.
It provides superior patient management in key infusion therapies, including Immunoglobulin (IG), Transplant and Bleeding Disorders, for patients across all 50 states.
As part of the acquisition, Frazier appointed Ted Kramm and Kathee Kramm, executives in the home infusion market, as the new CEO, and president of BioMatrix, respectively.
Ted Kramm said: “Working with Frazier, BioMatrix has aggressive plans for growth. We will expand our footprint with both new locations and acquisitions.
“Additionally, we will work with regional and national payers to increase our managed care penetration and add new therapies to our service offering. Kathee and I are delighted to be working with the Frazier team and are looking forward to rapid growth.”
Kathee Kramm said: “I have thoroughly enjoyed leading BioMatrix for the last 14 months. During this time, along with our exceptional leadership team and additional staff, we have fully transitioned the organisation into a leading home infusion provider.
“I look forward to Ted joining the company as CEO so I can transition my role to focus on growth and operations and execute at a high level, as we have historically.”
In 2016, Triton Pacific and ACON Investments teamed up to acquire BioMatrix.
Last year, BioMatrix divested its lower-margin traditional business to focus on speciality infusion, a high-growth sector propelled by compelling tailwinds.
Frazier has more than 32 years of investing experience across the healthcare ecosystem, with a focus on building great companies with a patient-centric approach to care.
The acquisition will help BioMatrix continue its growth, building on Frazier’s experience and differentiated Center of Excellence, and enhance its care offering.
Also, BioMatrix is well positioned to benefit from the continuing shift of infused therapies to the home and ambulatory setting, along with the growth of biologic therapies requiring infusions.
Houlihan Lokey served as the financial advisor, DLA Piper served as legal counsel, and King & Spalding and Hogan Lovells as advisor to ACON Investments.
Houlihan Lokey also served as the exclusive financial advisor to BioMatrix. Cantor Fitzgerald & Co. served as financial advisor and Goodwin Procter as legal counsel to Frazier.
BioMatrix former CEO and outgoing board chairman Nick Karalis said: “I am incredibly honoured to have worked alongside the many patient-focused and dedicated employees of BioMatrix.
“I am confident Ted and Kathee Kramm will continue to embody the values that represent BioMatrix and Frazier and I look forward to watching this company flourish under their leadership.”
