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.