CUMBERLAND, Md., Jan. 2, 2017 /PRNewswire/ -- Factor One Source Pharmacy (FOSRx) and Fast Access Specialty Therapeutics (F.A.S.T.) announced today that they have entered into a definitive agreement under which FOSRx will acquire F.A.S.T. for a combination of cash and stock. Together the two companies are projected to generate approximately $136 million dollars in revenue in 2016 and are projecting $156 million in revenue for 2017.
F.A.S.T. will retain its brand, but will function under the umbrella of FOSRx, and will add "Powered by Factor One Source Pharmacy" to its name moving forward. F.A.S.T.'s Chief Executive Officer, Stephen LaCoste, and Chief Operating Officer, Adam Myers, fully support the transaction. Sajal Roy, PharmD, CGP, CACP, CPSO, CSP and Chief Executive Officer to FOSRx, will become CEO to both companies effective immediately.
F.A.S.T. employs a team of 42 and has average annual revenue of $100 million. Over the past seven years, the company has grown tremendously due to its patient-oriented business and commitment to quality. Like FOSRx, F.A.S.T. is a dually accredited specialty pharmacy with The Joint Commission and URAC. Dual accreditation is achieved by few home care and specialty pharmacies and helps ensure patients are receiving the best possible care. Excelling in these areas has resulted in industry-leading customer satisfaction, patient engagement and strong financial performance.
"The F.A.S.T. team has grown a fantastic business centered on support and quality services for patients," Roy said. "Together we can accelerate the growth of the Factor One Source brand as we seek to empower every patient we serve to live fulfilled, healthy lives."
With brick and mortar locations in Maryland, Tennessee, and now Louisiana, FOSRx plans to continue expanding to the West Coast. FOSRx will continue to dispense specialized medications in conditions related to rheumatology, dermatology, oncology, immunoglobulin therapy, hemophilia, endocrinology, gastroenterology and neurology, among others.
"F.A.S.T. is a strong fit with FOSRx's innovative and growing business, further supporting the company's strategic focus on hemophilia, bleeding disorders, and immunology. We expect the acquisition will enhance near-term revenue growth and strengthen name recognition within the industry. We are well positioned to maximize FOSRx's commercial potential through our patient-centric business model," continued Roy.
"Today marks the beginning of an exciting new chapter for F.A.S.T., one which we believe will deliver significant value to our patients and partners," said Adam Myers, F.A.S.T.'s Chief Executive Officer, "We have deep respect for FOSRx and it's clear they share our commitment to delivering top-notch care and invaluable service. We are proud of the company our team has built and are confident that FOSRx will accelerate F.A.S.T.'s important mission given the strength of its national presence and resources."
Factor One Source Pharmacy is a specialty pharmacy providing medications and services to people with complex or hard-to-manage medications. Headquartered in Cumberland, Maryland, FOSRx is able to serve patients with a variety of medical conditions in all 50 of the United States. To learn more about the Factor One Source Pharmacy, visit: www.fosrx.com
Fast Access Specialty Therapeutics, founded in 2010, is a specialty pharmacy based in Metairie, Louisiana that offers convenient medicine delivery for specialty conditions to the location of your choice: home, hospital, physician's office, or infusion center. F.A.S.T. focuses on clinical experience and patient support, and has excelled in servicing rheumatology, dermatology, hematology, oncology, addiction recovery, and osteoporosis patients.
Contact us with questions at [email protected], or for more information about FOSRx, please visit us at www.fosrx.com. To follow us on social media, find us on Twitter at @FactorOneSource, on Instagram @fosrx, and like us on Facebook at Facebook.com/FactorOneSourcePharmacy.