CVS Health to acquire Portland’s Apothecary By Design

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PORTLAND — Apothecary By Design, a specialized pharmaceutical company based in Bayside, will be acquired by CVS Health.

CVS spokeswoman Amy Lanctot confirmed the acquisition in an email.

She said the Woonsocket, Rhode Island, company will take over the ABD building at 141 Preble St., and the Portland company’s name will not change. Terms of the acquisition, which is expected to close as soon as next week – and it’s impact on employment at the Portland company – were not immediately available.

“CVS Health will operate the company’s Portland facility … and provide specialty pharmacy services to patients through CVS Specialty, the specialty pharmacy business of CVS Health,” Lanctot said.

CVS Health is buying ABD from its parent company, BelHealth Investment Partners. The investment firm bought a majority stake in ABD in August 2015. Lanctot said BelHealth will retain ABD fertility services under the name of Village Fertility Pharmacy.

According to its website, ABD now focuses on treatments for heart disease, hepatitis, HIV and multiple sclerosis.

The company was founded in 2008. In 2014 it was named the Portland Development Corp. Business of the Year.

ABD also previously operated a retail pharmacy on Marginal Way, which was sold in 2016 and became Coastal Pharmacy & Wellness.

Lanctot said CVS Specialty is the largest specialty pharmacy service in the nation.

“CVS Specialty patients receive ongoing disease education, counseling, and benefits verification, as well as coordination of care with multiple health care providers, comprehensive patient education and adherence management,” she said.

Apothecary By Design last year was No. 854 on Inc. magazine’s annual list of the country’s 5000 fastest-growing private companies. It was fourth among the 12 Maine-based companies on the list.

ABD also was the fourth-fastest-growing specialty pharmacy on the list, and No. 68 among healthcare-related companies nationwide.

ABD’s revenues in 2016 were $206 million, up from $166.7 million in 2015.

CVS Health has about 158,000 employees worldwide. In 2017 it ranked seventh on the Fortune 500 and 18th on the Fortune Global 500 list, with $177 billion in annual revenue. Last month it agreed to buy Aetna for $69 billion.

David Harry can be reached at 781-3661 ext. 110 or dharry@theforecaster.net. Follow him on Twitter: @DavidHarry8.

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Portland City Hall reporter for The Forecaster. Baltimore native, lived in Maine since 1989. A journalist since 2005, covering much of Cumberland and York counties. I joined The Forecaster in 2012.