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Diplomat Pharmacy explores sale, other options under strategic review

Diplomat Pharmacy Inc.'s board is exploring a potential sale or merger of the company as it looks to maximize shareholder value.

The company tapped Foros Securities LLC as financial adviser and Sidley Austin LLP as legal adviser to assist with its strategic alternatives review.

Diplomat Pharmacy is exploring options including sale or merger of the company, disposal of certain businesses or assets, as well as pursuing value-enhancing initiatives as a stand-alone entity and capital restructuring.

The Flint, Mich.-based company operates as a specialty pharmacy and pharmacy benefit manager, or PBM.

"We are focused on growing our Specialty business with health plans and hospital systems, positioning the PBM business for growth and improving operating efficiency, while maintaining high standards of patient and customer care," said Brian Griffin, Chairman and CEO of Diplomat.

There can be no assurance that this process will result in the approval or completion of any particular strategic alternative or transaction in the future, the company noted.