Diplomat Pharmacy commences IPO
FLINT, Mich. — Diplomat Pharmacy, one of the nation's largest independent specialty pharmacies, on Monday announced that it has commenced its initial public offering of 13.3 million shares of its common stock.
The initial public offering price is currently expected to be between $14 and $16 per share. Diplomat's common stock has been approved for listing on the New York Stock Exchange under the symbol "DPLO," subject to official notice of issuance.
Diplomat expects to use the net proceeds from the initial public offering to repay indebtedness and for working capital and other general corporate purposes.
Diplomat is selling 10 million shares of common stock, and certain selling shareholders of Diplomat are selling 3.3 million shares of common stock. The selling shareholders intend to grant the underwriters a 30-day option to purchase up to an additional 2 million shares of common stock to cover over-allotments, if any.
Diplomat will not receive any proceeds from the sale of shares by the selling shareholders, including sales by the selling shareholders pursuant to the underwriters' overallotment option.
Credit Suisse Securities and Morgan Stanley & Co. are acting as lead book-running managers. Additional book-running managers are J.P. Morgan Securities and Wells Fargo Securities. William Blair & Co. and Leerink Partners are acting as co-managers.
A Form S-1 registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective.
Family Dollar Stores institutes ‘Ad Match Promise’ program
MATTHEWS, N.C. — Family Dollar Stores on Monday announced the launch of the “Ad Match Promise” program. Beginning Sept. 30, when presented with a local competitor's printed advertisement, Family Dollar stores will match the competitor’s price.
“In today’s uncertain economic climate, many of our customers are struggling to make ends meet. We designed our new ‘Ad Match Promise’ program with them in mind,” said Jason Reiser, chief merchandising officer. “Family Dollar has long been synonymous with everyday low prices on brand-name items and quality, private-brand merchandise. With this new program, our customers will no longer have to search all over town for the best deal. Simply bring in any local competitor’s printed advertisement, and we’ll match it item for item; plain and simple.”
As part of the “Ad Match Promise” program, Family Dollar will match competitors’ loyalty card promotions when they are printed in a competitor’s ad — no loyalty card needed. Additionally, the company also will match BOGO, or “Buy One Get One,” offers as long as the price of the item is specified in the ad. Customers also can use manufacturer’s coupons on top of “Ad Match Promise” prices, the company announced.
CARE Pharmacies employs PDX’s Enterprise Pharmacy System
LINTHICUM, Md. — CARE Pharmacies last week announced that they have selected PDX’s Enterprise Pharmacy System as the regional drug chain’s pharmacy system of choice. CARE will begin implementation of the new pharmacy platform in October.
“We are excited to partner with PDX. Their innovative pharmacy system provides an advanced, integrated platform needed by our pharmacies," said Michael Wysong, CEO CARE Pharmacies. "EPS will allow CARE Pharmacists to go beyond filling prescriptions and expand their role as healthcare providers while meeting the dynamic and challenging needs of their patients.”
“Care Pharmacies have their ear to the ground, totally connected to their local community’s healthcare needs," said Jeff Farris, CEO PDX. "Our suite of products and services, including our Enterprise Pharmacy System, Electronic Pharmacy Record and our new Care Rx application fit perfectly with their patient-centric focus."
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