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Mark Thierer Appointed to Chairman of Life Sciences Platform

Water Street and JLL Partners announced today that they have recruited Mark Thierer to chairman and Jim Lang to CEO of their rapidly growing life sciences services platform. The longtime health care leaders will spearhead the platform’s ongoing expansion of solutions that improve the speed and success of bringing complex therapies to market.

Mr. Thierer brings more than 30 years of health care leadership experience to the organization, which is comprised of the industry’s premier service providers including Dohmen Life Science Services, The Access Group, Alliance Life Sciences, Health Strategies Group, Triplefin and Patient Experience Project. Mr. Lang, who previously served as executive chairman of the growing company, has been instrumental in bringing together these businesses over the past six months to build a platform of end-to-end services for life sciences companies.

“I am honored that the board has entrusted me with continuing to build this innovative organization,” said Mr. Lang. “We are integrating science and commercialization in an entirely new way to position therapies for success across all major stakeholders – regulators, payers, providers and patients. The addition of Mark to our board will be hugely beneficial to advancing our goal of becoming the partner of choice for biopharmaceutical and medical device companies.”

Mr. Thierer added, “I’m excited to join this fast-growing organization that is reshaping the life sciences services landscape.  It is a unique opportunity to be part of building a new solution that is addressing a fundamental shift in our industry toward patient-centric, value-based health care.”

About Mark Thierer

Mark Thierer most recently served as CEO of OptumRx , where he oversaw all Optum pharmacy care services, including the management of pharmacy benefits, the pharmacy network, and home delivery pharmacy and specialty pharmacy programs. Prior to this role, Mr. Thierer served as chairman and CEO of Catamaran, which was one of America's largest pharmacy benefit management companies and merged with OptumRx in 2015. Earlier in his career, Mr. Thierer served as president, CEO and chairman of SXC Health Solutions, which merged with Catalyst Health Solutions to create Catamaran. During his time as CEO of SXC Health Solutions, the company recorded a compound annual growth rate of 50 percent and a 50-fold increase in shareholder value.  He received a bachelor’s degree in finance at the University of Minnesota and a master’s in business administration from Nova Southeastern University.

About Jim Lang

Jim Lang has more than 25 years of experience leading, advising and funding mission-driven health care companies.  Prior to his current role, he served as CEO of Decision Resources Group, which he built into a leading health care data and analytics company via 17 acquisitions. Previously, Mr. Lang was CEO of IHS CERA, now IHS Markit, a recognized leader in energy insight products and services.  Before that, Mr. Lang spent 17 years building and leading Strategic Decisions Group (SDG), a premier strategy consultancy, where he advised boards and c-suites of the Global 2000.  Mr. Lang’s advisory and transformation work has created multiples of billions of dollars in share value across those companies.  He also spearheaded SDG’s successful sale, including its large life sciences practice to IMS Health (now IQVIA).  Mr. Lang is an active private investor in health care and has served on more than a dozen private and public company boards.   He holds a bachelor’s degree in electrical and computer engineering from the University of New Hampshire and a master’s in business administration from the Dartmouth Tuck School of Business.

About the Company

Water Street Healthcare Partners and JLL Partners, two strategic investment firms specializing in health care, have built the life sciences industry’s leading independent provider of services through a series of strategic acquisitions.  The firms recently completed the acquisition of Triplefin, which joins Dohmen Life Science Services, The Access Group, Health Strategies Group, Alliance Life Sciences and the Patient Experience Project.  As one entity, the businesses offer customers a portfolio of comprehensive solutions, including channel, market access, patient support and compliance to improve the speed and success of bringing complex therapies to market. Together, they employ nearly 1,500 global professionals who serve more than 300 of the industry’s top biopharmaceutical and medical device companies.

 

 

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MedPlast Appoints John Greisch to Chairman

MedPlast, LLC, a leading global services provider to the medical device industry, announced today that its board of directors has appointed John J. Greisch as chairman, effective immediately.  The longtime health care executive, who recently served as president and chief executive officer of Hill-Rom Holdings, Inc., joins MedPlast’s board as the company continues to expand its suite of manufacturing solutions.

During his eight years of leadership at Hill-Rom, Mr. Greisch, 62, was instrumental in transforming the company’s business portfolio, expanding its global footprint and advancing its position as a global medical device leader while delivering an increase in enterprise value of over $6 billion.  Prior to Hill-Rom, Mr. Greisch served in senior leadership positions with Baxter International Inc., including president of the company’s International Operations, chief financial officer and president of its BioScience division. He currently serves on the board of directors of Catalent, Inc., Idorsia Pharmaceuticals Ltd. and The Ann & Robert H. Lurie Children’s Hospital of Chicago.

“I could not be more pleased to have someone with John’s background and experience become chairman of our board,” stated Brian King, CEO, MedPlast.  “Since my first meeting with John, I have been energized by his thoughtful and dedicated manner.  I am confident that John is going to bring a positive and enthusiastic approach to the MedPlast team, and I am very happy to have him join our board.”

Mr. Greisch’s appointment follows MedPlast’s agreement to acquire the Advanced Surgical and Orthopedics business of Integer Holdings Corporation. The acquisition, which is expected to close in the third quarter of 2018, will bolster MedPlast’s suite of manufacturing services and transform the company into one of the world’s leading outsourced contract manufacturers of medical devices. It is the third acquisition that MedPlast has facilitated since partnering in 2016 with Water Street Healthcare Partners and JLL Partners, two strategic investment firms specializing in the health care industry.  Water Street and JLL were instrumental in recruiting Mr. Greisch to the chairman position.

“I am honored to join the board at this exciting point in MedPlast’s evolution,” said Mr. Greisch. “Through my years of leading and growing one of the world’s premier medical technology companies, I have seen the need for a comprehensive services provider like MedPlast. I look forward to working with Brian and the board to build on MedPlast’s strong foundation and to position the company as the leading solutions partner to medical device companies.”

About MedPlast

At MedPlast, we focus on providing end-to-end solutions for medical device OEMs. Our deep materials expertise – combined with our experience in engineering, manufacturing, assembly, packaging, and sterilization – allows us to bring our customers’ medical technology solutions to market.  We have 15 locations including low-cost facilities in Costa Rica, China, Mexico, and Puerto Rico.  For more information on MedPlast, visit www.medplastgroup.com.

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MedPlast to Acquire Integer Business

Integer Holdings Corporation (“Integer”) (NYSE: ITGR), a leading medical device outsource manufacturer, today announced that it has entered into an agreement to sell its Advanced Surgical and Orthopedics (“AS&O”) product lines to MedPlast, LLC (“MedPlast”), a leading global services provider to the medical device industry, for $600 million in cash.

The transaction is expected to close in the third quarter of 2018 and is subject to customary closing conditions, including U.S. and foreign antitrust clearances.

“Integer is a global leader in medical device outsourcing, with an unmatched breadth of design, development and manufacturing capabilities,” said Joe Dziedzic, Integer’s president and chief executive officer. “After this divestiture and paying down debt with the proceeds, we expect to be a $1.2 billion company with higher margins, increased net earnings, greater returns on invested capital, and significantly lower debt leverage. This increased financial flexibility will enable us to grow our leadership position in our Cardio & Vascular and Cardiac & Neuromodulation product lines as we partner with customers to deliver life-changing innovation.”

Integer’s AS&O capabilities will bolster MedPlast’s portfolio of manufacturing solutions and transform MedPlast into one of the world’s leading outsourced contract manufacturers of medical devices. In addition to expanding MedPlast’s offering into a broad range of metals manufacturing capabilities, including machining, stamping, coating and metal forming, it will further strengthen MedPlast’s front-end design, development and prototyping services. Once complete, the acquisition will double MedPlast’s size to nearly $1 billion in sales, as well as its global footprint, with an expanded presence in Europe. MedPlast will employ nearly 6,000 engineers, technicians and assembly workers at manufacturing facilities across Asia, Central America, Europe and the United States.

“MedPlast is incredibly excited about the addition of Integer’s AS&O capabilities to our existing platform,” said MedPlast Chief Executive Officer Brian King. “This acquisition will further broaden our offerings and strengthen our ability to provide our customers with innovative solutions to meet their challenging needs. It also will provide additional scale and new growth opportunities for MedPlast. We are excited to be working with the AS&O team and look forward to collectively growing our company and continuing to deliver outstanding service to our customers.”

MedPlast’s agreement to acquire Integer’s AS&O business is the third acquisition MedPlast has facilitated in the past year. In 2017, MedPlast acquired Vention Medical’s Device Manufacturing Services business and Coastal Life Technologies to extend its portfolio of services into assembly and packaging. The strategic acquisitions follow MedPlast’s partnership in 2016 with Water Street Healthcare Partners and JLL Partners, two strategic investment firms specializing in the health care industry.

The transaction does not include Integer’s Portable Medical product line, which will remain a part of Integer.

Piper Jaffray & Co. is serving as financial advisor to Integer while Hodgson Russ LLP is serving as legal advisor.

 

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Water Street Invests in PEP

Water Street announced today with JLL Partners that it has invested in The Patient Experience Project (PEP), a full-service, patient-centric healthcare marketing and communications agency based in Saratoga Springs, New York. Water Street and JLL will combine PEP with their global life sciences platform.

"This is a natural next chapter for an expanding and innovative business like PEP,” said PEP Founder and President Dan Bobear. “It will give us the resources we need to bring additional services to our clients, advance our mission to improve the patient experience, and take the agency to the next level.”

PEP will continue to operate under its existing name and management team from its locations in Saratoga Springs and Chicago. Bobear will remain as PEP’s president and will manage the firm and lead its operations in the same capacity he has since its inception in 2012. “For our clients and our employees, it will be business as usual,” Bobear added.  The agency plans to continue to hire and, in fact, anticipates adding a number of new employees in 2018.

“Water Street and JLL have a proven track record of growing companies by investing in infrastructure, technology, and human resources to enable that growth,” said Bobear. “I am confident that PEP and our clients will see great benefit from their experience and expertise.”

Water Street and JLL have significantly expanded their life sciences platform since forming it last year through the merger of Alliance Life Sciences and Health Strategies Group with The Access Group. The firms recently added Triplefin and Dohmen Life Science Services to the platform to extend its solutions to patient-centered services.

With the addition of PEP, the platform will offer customers a comprehensive portfolio of offerings, including channel, market access, patient support, marketing, communications, and regulatory solutions to improve the speed and success of bringing complex therapies to market. It will employ nearly 1,500 global professionals who will serve more than 300 of the industry’s top biopharmaceutical and medical device companies.

“We are thrilled to have PEP, one of the fastest growing healthcare agencies in the country, join our platform. We share their commitment to the patient being at the center of everything we do,” said Jim Lang, executive chairman of the life sciences platform. “PEP offers leading-edge approaches that enable life sciences companies to create unique solutions for patient support in complex and rare therapies. Together, we can offer patients comprehensive support, including using evidence/outcomes-based frameworks to show the value of their treatment.”

About the Patient Experience Project PEP is a full-service, patient-centric communications firm serving the healthcare, pharmaceutical, diagnostic, and biotechnology industries. PEP has offices in Saratoga Springs, New York, and Chicago, Illinois. PEP’s nationally recognized approach centers around the collaboration with the foremost disease experts—patients themselves—to co-create authentic programs and content for patients, caregivers, and healthcare professionals. PEP was named to the Inc. 5000 in 2017, a list of the fastest-growing private companies in America. For more information, visit the-pep.com.

 

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Water Street Announces Life Sciences Acquisition

Water Street announced today that it has signed an agreement to acquire Triplefin with JLL Partners.  An industry leader in patient support for more than 30 years, Triplefin is the latest company to join the investment firms’ growing life sciences commercialization services platform.

The addition of Triplefin to the life sciences platform will significantly expand the platform’s patient-centered capabilities. Headquartered in Cincinnati, Ohio, Triplefin specializes in pharmaceutical hub services, including its Hub-Lite® and co-pay programs which are dedicated to improving the patient experience.  The company’s suite of digital capabilities, including its industry-leading Rx365® technologies, coupled with its customer service expertise, provides patients with personalized support to enhance their therapeutic success.

“We are thrilled to add this fast-growing, customer-focused business to our platform,” said Jim Lang, executive chairman of the platform.  “Triplefin brings to us a powerful combination of innovative solutions.  Our platform now offers customers end-to-end, best-in-class solutions that will help them successfully engage with every major constituent — regulators, payers, providers, channel partners and patients – to maximize the impact of new therapies.  The era of value-based, patient-centered solutions has come, and we aspire to be the industry’s partner of choice.”

Triplefin follows the platform’s recent acquisitions of Dohmen Life Science Services in March, as well as The Access Group, Health Strategies Group and Alliance Life Sciences over the past 18 months.  Together, these businesses will offer customers a comprehensive portfolio of solutions, including channel, market access, patient support and compliance to improve the speed and success of bringing complex therapies to market. As one entity, the newly expanded platform will employ nearly 1,500 global professionals who will serve more than 300 of the industry’s top biopharmaceutical and medical device companies.

“These are truly exciting times for Triplefin as we continue to experience unparalleled growth,” said Sandy Piscitello, president, Triplefin.  “Now, we move toward our next step of joining forces with Water Street and JLL’s life sciences platform to strengthen our position in the marketplace and bring our clients an exceptional portfolio of commercialization solutions.”

Dale Smith, chairman & CEO of Triplefin’s current owner, H. D. Smith Holding Company, added, “We have been proud owners of Triplefin for the past five years and are excited to see the company enter its next chapter.  We chose JLL and Water Street as the best partners for Triplefin based on their strong track record of building market-leading companies that put employees and customers first.”

Triplefin will continue to operate under its existing name and management team. Sandy Piscitello will continue to lead Triplefin and report to Mr. Lang. The acquisition is expected to close by the end of the second quarter.  Financial details are not being disclosed.

About Triplefin

A market leader in patient support for more than 30 years, Triplefin delivers comprehensive hub services that improve patient access and adherence, including its patent-pending Rx365® suite of digital solutions. Triplefin's programs help thousands of patients with serious diseases, offering hope and improved well-being. Its associates are dedicated to providing an empathetic, caring experience throughout a patient’s journey. The company is headquartered in Cincinnati, Ohio.  For more information, visit www.triplefin.com.

 

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Water Street Completes Sale of Sarnova

Water Street and Sarnova founder, Matthew D. Walter, announced today that they have completed the sale of Sarnova, the nation’s premier national distributor of health care products to the acute care and emergency medical services (EMS) markets.

Both Water Street and Mr. Walter will remain minority investors in the company.

Water Street partnered with Mr. Walter in 2008 to merge two leading specialty distributors – Bound Tree Medical and Tri-anim Health Services – to create Sarnova.  Over the next 10 years, Water Street facilitated eight strategic acquisitions to expand Sarnova’s suite of medical products and services.  It invested in the company’s infrastructure, enhanced its technology and extended its national footprint. Today, Sarnova is the leading provider of products and services that address the full continuum of care from pre-hospital through acute care.

Over the course of Sarnova’s 10-year partnership with Water Street, the company doubled its customer base to serve more than 30,000 of the nation’s hospitals, surgical centers and EMS providers.  It grew its revenues more than 50 percent and nearly doubled its employees to more than 600 people.

“Our relationship with Water Street and Matt Walter has been outstanding, building Sarnova into a market leader in the EMS and acute care markets,” said Jeff Prestel, CEO, Sarnova.  “We view the acquisition by Patricia Industries as a catalyst for Sarnova’s next leap in becoming the very best company in specialty medical sales and distribution and are excited that Water Street and Matt will continue to be part of supporting our growth.”

Chris Sweeney, partner, Water Street, added, “It has been an honor to work with Sarnova’s team over the past ten years.  The company has grown on all fronts – and most importantly in the quality and depth of products and services it offers customers.  We are pleased to have found a strong home for Sarnova in Patricia Industries.”

Patricia Industries, which is part of the Swedish Industrial Holding company Investor AB, will be the majority owner of Sarnova.

About Sarnova

Sarnova is the leading national specialty distributor of healthcare products in the emergency medical services (EMS) and acure care markets.  The company is comprised of four major business units: Bound Tree Medical, Cardio Partners, Emergency Medical Products and Tri-anim Health Services.  For more information, visit www.sarnova.com

 

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Water Street Completes Life Sciences Acquisition

Water Street announced today, along with JLL Partners, that it has closed the acquisition of Dohmen Life Science Services (“DLSS”) from its parent company, The Dohmen Company.

The investment firms will merge DLSS with Water Street’s commercialization services platform, which was formed last year through the merger of Alliance Life Sciences, Health Strategies Group and The Access Group.  With the addition of DLSS, the platform will expand its market access solutions to encompass patient support, channel, technology and compliance services, and become the leading independent provider of commercialization services to life sciences companies.

Jim Lang, executive chairman of the commercialization services platform, said, “We are thrilled to add DLSS and its highly regarded patient-centric capabilities to our platform.  As one entity, we are ideally positioned to help our clients optimize the impact of important new products they are developing to support people who are battling complex and challenging diseases.”

Cynthia LaConte will step down as CEO of DLSS to remain with its former owner, The Dohmen Company.  Dan Johnson will retire from his role as DLSS president and support the company’s transition to new ownership as an advisor.   The remaining management team will report to Mr. Lang, who will also serve as CEO of DLSS.

DLSS will continue to operate under its existing name.  Financial details of the acquisition are not being disclosed.

About Dohmen Life Science Services (DLSS)

DLSS empowers hundreds of life science companies ranging from start up to fortune 500 with best-in-class outsourced infrastructure, insight and services by providing services in the areas of patient support, supply chain, compliance, finance and technology. DLSS acts as a seamless extension of our clients’ companies – reducing cost and complexity while strengthening and simplifying their connection with patients. For more information, visit dlss.com.

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Water Street Signs Agreement to Divest Sarnova

Sarnova Holdings, Inc., parent company to four fast-growing business units: Bound Tree Medical, Cardio Partners, Emergency Medical Products and Tri-anim Health Services, announced today that the company has signed an agreement to be acquired by Patricia Industries, which is part of the Swedish industrial holding company, Investor AB. Patricia Industries will acquire the majority of Sarnova from Water Street Healthcare Partners and Sarnova founder Matthew D. Walter who will remain minority investors in the business.

Sarnova was formed in 2008 when Mr. Walter and Water Street merged two leading specialty distributors, Bound Tree Medical and Tri-anim Health Services. Over the next ten years, Sarnova completed eight acquisitions to expand its suite of medical products and services. Today, Sarnova is the nation’s premier national distributor of health care products.

“I am so proud of our team’s success. This new partnership with Patricia Industries will further strengthen Sarnova’s capacity to serve our customers, vendors and employees and fulfill our mission to save and improve patients’ lives. Simply put, the Wallenberg family and the Investor Group have a values-oriented culture, much like Sarnova’s culture, and we foresee a very bright future as a part of their family,” says Sarnova CEO Jeff Prestel.

Chris Sweeney, partner, Water Street, added, “It has been an honor to work with Matt, Jeff and the entire Sarnova team over the past ten years. Together, we created and executed a strategic plan that grew the company into a market leader that is making a meaningful impact in the acute care and emergency medical services markets. Patricia consistently demonstrated its cultural alignment with us throughout our discussions and will be a strong home for Sarnova.”

 “In Sarnova, we see a great company that has both impressive historical performance and significant, durable long-term growth potential. Its asset-light business model makes the company highly cash generative,” says Noah Walley, Co-Head of Patricia Industries. “We are looking forward to working with Sarnova’s executive team to further invest in and develop the company.”

About Sarnova

Sarnova is the leading national specialty distributor of healthcare products in the emergency medical services (EMS) and acute care markets. The company is comprised of four major business units:  Bound Tree Medical, Cardio Partners, Emergency Medical Products and Tri-anim Health Services. For more information, visit www.sarnova.com.

About Patricia Industries

Patricia Industries, a part of Investor AB, makes control investments in best-in-class companies with strong market positions, brands and corporate cultures within industries positioned for secular growth. Our ambition is to be the sole owner of our companies, together with strong management teams and boards. We invest with an indefinite holding period, and focus on building durable value and capturing organic and non-organic growth opportunities.

About Investor AB

Investor, founded by the Wallenberg family a hundred years ago, is the leading owner of high quality Nordic-based international companies. Through board participation, our industrial experience, network and financial strength, we strive to make our companies best-in-class. Our holdings include, among others, ABB, Atlas Copco, Ericsson, Mölnlycke, and SEB.

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Water Street Signs Agreement to Acquire Dohmen Life Science Services

Water Street has signed a definitive agreement, along with JLL Partners, to acquire Dohmen Life Science Services (“DLSS”) from its parent, The Dohmen Company, in a transaction expected to close in March 2018, the companies announced today.

Headquartered in Milwaukee, with facilities across the country, DLSS provides biopharma and medical device companies with a wide array of outsourced services and capabilities in the areas of patient support, supply chain, compliance, finance and technology. The company will merge with Water Street’s commercialization services platform that specializes in market access solutions and was formed last year through the merger of Alliance Life Sciences, Health Strategies Group and The Access Group.

With the addition of DLSS, the platform will become the leading independent provider of commercialization services to life sciences companies. It will serve more than 300 of the industry’s top pharmaceutical, biotech and medical device companies with a portfolio of solutions designed to simplify commercialization, optimize market access and build share for new and existing therapies.

Jim Lang, executive chairman of the global enterprise, said, “Adding DLSS to our life sciences platform is a game changer. Its client-focused culture and service capabilities are a strong strategic fit with our companies. As one entity, the center of our DNA will be to engage our combined capabilities to go above and beyond to delight our customers.”

Cynthia LaConte, CEO of DLSS parent, The Dohmen Company, said, “At Dohmen, we’ve been creating a more efficient, effective and easy-to-use health experience for 160 years. We built, launched and grew DLSS as a disruptive alternative to traditional models that aren’t well suited to serving companies with targeted therapies and smaller patient populations. That’s why it was important for us to find partners that could not only scale the business but could add strategically important capabilities for our clients.”

DLSS will continue to operate under its existing name with its current leadership team. When the transaction closes, its leadership team will report to the platform’s board of directors spearheaded by Mr. Lang.

Dan Agroskin, partner, JLL Partners, said, “Our global platform is ideally positioned to support the life sciences industry as it continues to develop targeted therapies. We are pleased to partner with Water Street to invest our combined expertise and resources to optimize the impact of these important new products through organic initiatives and targeted acquisitions.”

Pete Strothman, partner, Water Street, added, “We are excited to bring together these premium capabilities to continue building a robust, go-to-market services platform for the life sciences industry that is uniquely qualified to ensure client success, particularly for highly specialized patient populations.”

Financial details of the acquisition are not being disclosed.

About Dohmen Life Science Services

Launched in 2014, DLSS empowers hundreds of life science companies ranging from start up to fortune 500 with best-in-class outsourced infrastructure, insight and services by providing services in the areas of patient support, supply chain, compliance, finance and technology. DLSS acts as a seamless extension of our clients’ companies – reducing cost and complexity while strengthening and simplifying their connection with patients. For more information, visit dlss.com.

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Water Street’s Partnership Program Achieves Another FDA Approval

Water Street announced today that its development partnership with a leading medical products company has resulted in the U.S. Food and Drug Administration (FDA) approval of cardiovascular medication Bivalirudin in 0.9 percent Sodium Chloride Injection (bivalirudin).  It is the first presentation of bivalirudin in a frozen, premixed, ready-to-use formulation.

The approval of bivalirudin marks the fifth drug product successfully developed by Water Street’s company, Celerity Pharmaceuticals, LLC. Celerity both funded and led the development and approval of bivalirudin through its strategic partnership with the medical products company. Following FDA approval of bivalirudin, Celerity transferred ownership to its partner, which will commercially launch the new product in the United States.

“We are honored that our partner entrusted us to develop this new presentation of bivalirudin – the first in the United States and the only available in a frozen premixed solution,” said Al Heller, operating partner with Water Street and chairman of Celerity.  “We look forward to continuing to work together to advance our partner’s goal of engaging its innovative technologies with medicines that help simplify drug preparation and help bolster clinician efficiency.”

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