SEATTLE–(BUSINESS WIRE)–Frazier Healthcare Partners (“Frazier”), a private equity firm focused exclusively on the healthcare industry, today announced the closing of its acquisition of Altruix (the “Company”).
Altruix, headquartered in Hunt Valley, MD, is a leading behavioral health-focused pharmacy serving patients with severe mental illness (SMI), substance use disorders (SUD), and intellectual and developmental disabilities (IDD). The Company’s differentiated care model combines high-touch clinical support, medication adherence programs, specialized packaging solutions, and access to complex behavioral health therapies to improve outcomes for patients with serious and persistent behavioral health conditions. Altruix currently operates 17 pharmacies across the Mid-Atlantic and serves a diversified base of more than 800 behavioral health providers and over 32,000 patients per month.
Concurrent with closing, Frazier Executive in Residence Randy Hyun has been appointed as the Chief Executive Officer to lead the Company’s continued expansion. Randy brings extensive experience across pharmacy services, managed care, and the pharmaceutical supply chain, most recently serving as the President of Evernorth Health System Services. Previously, Randy served as the Chief Executive Officer of CarepathRx, President and CEO of Aetna Medicaid, and held numerous senior leadership roles during an 18-year career at McKesson.
Greg Ganse, Altruix’s former Chief Executive Officer, will continue to support the Company as an investor and advisor following the transaction to help ensure a seamless leadership transition and support the Company’s long-term strategic initiatives.
Frazier has also assembled a highly experienced Board of Directors to support Altruix’s continued development, including Doug Present, former Chairman and CEO of MHA and former Chairman of Genoa Healthcare, PharmScript, and ExactCare; John Rex, former President and CFO of UnitedHealth Group; Eric Palmer, former President and CEO of Evernorth; and Mark Peterson, former CEO of Genoa Healthcare.
“Frazier has spent several years evaluating the behavioral health pharmacy sector and believes Altruix has established itself as a leading platform serving patients with complex behavioral health conditions,” said Philip Zaorski, General Partner at Frazier Healthcare Partners. “We are thrilled to partner with Randy and the broader Altruix team as the Company continues to build on its leadership position.”
“Altruix has built a highly differentiated platform with deep clinical expertise, long-standing provider relationships, and an unwavering focus on patient care,” said Randy Hyun, Chief Executive Officer of Altruix. “I’m excited to work alongside the team to continue growing the platform, enhancing clinical capabilities, and improving access and outcomes for behavioral health patients across the country.”
“Frazier’s deep healthcare expertise and bench of operational resources make them an ideal partner for Altruix,” said Greg Ganse. “Their investment in the business will support continued growth, operational enhancements, and further strengthen our ability to deliver high-quality care and service to behavioral health providers and patients.”
About Altruix:
Altruix is a behavioral health pharmacy dedicated to individuals with serious and persistent mental illness and intellectual & developmental disabilities. Altruix pharmacies serve this population through high-touch relationships with community-based behavioral health agencies, group homes, and other care providers. Altruix’s comprehensive suite of value-added pharmacy services and technology drives quantifiable improvements in medication adherence for the most complex behavioral health patients while easing the costly administrative burden for their caregivers. For more information, visit www.altruix.com.
About Frazier Healthcare Partners:
Founded in 1991, Frazier Healthcare Partners is a private equity firm focused exclusively on the healthcare industry. Since its inception, Frazier has raised over $11 billion of capital for private funds and co-investment opportunities and has invested in more than 200 companies over 34 years. Frazier has a philosophy of partnering with strong management teams while leveraging its internal operating resources and network to build exceptional companies. Frazier is headquartered in Seattle, WA, with an office in New York City, and invests broadly across the U.S., Canada, and Europe. For more information about Frazier, visit www.frazierhealthcare.com/home.