- Police Beat
- The Forecaster
PORTLAND — Apothecary by Design will exit the retail business by selling its pharmacy at 84 Marginal Way.
The sale to Joe Lorello, Cassi Brooks and Stephen Drapeau was announced Monday. The pharmacy will be renamed Coastal Pharmacy & Wellness, and the sale is expected to be completed by March.
Lorello is a compounding pharmacist and company co-founder, Brooks is the operations manager for Apothecary by Design’s retail and compounding pharmacy, and Drapeau is a pharmacist with more than 20 years of experience.
“We welcome this opportunity to continue and build upon the same high-level service and offerings that customers have come to expect,” Brooks said in a press release.
Terms of the Marginal Way pharmacy sale were not disclosed, but Apothecary by Design Chief Executive Officer Mark McAuliffe said it presents opportunities for the buyers and seller.
“Selling the retail business to people who have been leading the business is an ideal next step in its evolution,” he said, while Apothecary by Design will “focus resources on new opportunities in the specialty pharmacy market,” including treatments for HIV, hepatitis C, multiple sclerosis and infertility.
The agreement to sell the retail arm of the company comes about four months after a majority stake of Apothecary by Design was acquired by BelHealth Investment Partners, a privately held New York investment firm.
Apothecary by Design, founded in 2008 and based at 141 Preble St., employs more than 100 people. McAuliffe said he expects staffing to remain the same or to increase.
Apothecary by Design, which opened on 84 Marginal Way in 2008, will sell its retail pharmacy to two employees and a local pharmacist.