H.I.G. Capital News
Memorial Hermann Health System Joins Existing Investors in Leiters, a 503B Outsourced Pharmaceutical Compounding Industry Leader
DENVER – June 9, 2022 – Today Leiters has announced that Memorial Hermann Health System – a non-profit, community-focused, award-winning health system committed to creating healthier Houston communities – has joined the company’s growing list of strategic health system investor partners, which was led by a majority investment from Welsh, Carson, Anderson & Stowe (WCAS).
Leiters provides high-quality compounded sterile preparations and pharmacy services across the healthcare continuum to a growing number of hospitals, surgery centers and physician offices. Leiters offers an end-to-end suite of product types including pre-filled syringes, IV bags and concentrated vials; pain services including opioid free medications; pharmacy fill service for the ON-Q* Pain Relief System; and ophthalmic medications and services including, FDA- Compliant Repackaged Avastin®.
Robin Smith Hoke, Leiters' President and Chief Executive Officer said, "We are very pleased to welcome Memorial Hermann to our team of health system investor partners. We look forward to working closely with their leadership to meet their needs. The investment enables us to continue to increase capacity, expand our portfolio and ensure the continued delivery of high-quality medications to the healthcare market.”
Memorial Hermann joins Leiters’ existing health system investors including Intermountain Ventures, Kaiser Permanente Ventures, Mayo Clinic, Novant Health, Rex Health Ventures, Spectrum Health Ventures and UNC Health.
“As a non-profit, values-driven, community-owned health system, Memorial Hermann takes its dual roles of being a responsible financial steward and a trusted healthcare provider extremely seriously,” said Feby Abraham, EVP and Chief Strategy Officer at Memorial Hermann Health System. “By making prudent investments in companies that align with our mission to improve health, we ensure we can continue meeting the needs of our Greater Houston community, one of the largest and fastest-growing metropolitan areas of the country, while also creating greater efficiencies in our operations. The decision to invest in Leiters is guided by the same philosophies that drive all of our work: deliver value and create healthier communities.”
Memorial Hermann is one of the largest not-for-profit health systems in Southeast Texas. While practicing the highest standards of safe, evidence-based, quality care, the system’s 6,500 affiliated physicians and 29,000 employees provide a personalized and outcome-oriented experience across more than 265 care delivery sites throughout the Greater Houston area.
Memorial Hermann, along with the existing health system investors, will participate in Leiters’ Strategic Pharmacy Advisory Board to support growth initiatives, continuous quality improvement, new product development and investments in enabling capabilities.
Leiters is a trusted FDA-registered 503B outsourcing provider of high-quality compounded sterile preparations and pharmacy services. It is committed to providing healthcare professionals and their patients with critically needed outsourced medications. Its team of experts in sterile pharmaceutical manufacturing, repackaging and compounding provide a
sophisticated understanding of what it takes to elevate quality and consistency of supply in pharmaceutical outsourcing. Leiters combines a highly experienced team, with robust automated processes, in a state-of-the-art outsourcing facility, to ensure delivery of the highest quality medicines. All sterile preparations are produced under the Human Drug Outsourcing Facilities under 503B of the FD&C Act (503B Guidance) and follow Current Good Manufacturing Practices (cGMP). To learn more about how Leiters is Compounding Health™ please visit www.leiters.com.
About Memorial Hermann Health System
Charting a better future. A future that’s built upon the HEALTH of our community. This is the driving force for Memorial Hermann, redefining health care for the individuals and many diverse populations we serve. Our 6,500 affiliated physicians and 29,000 employees practice the highest standards of safe, evidence-based, quality care to provide a personalized and outcome- oriented experience across our more than 265 care delivery sites. As one of the largest not-for- profit health systems in Southeast Texas, Memorial Hermann has an award-winning and nationally acclaimed Accountable Care Organization, 17* hospitals and numerous specialty programs and services conveniently located throughout the Greater Houston area. Memorial Hermann-Texas Medical Center is one of the nation's busiest Level I trauma centers and serves as the primary teaching hospital for McGovern Medical School at UTHealth. For more than 115 years, our focus has been the best interest of our community, contributing more than $400 million annually through school-based health centers and other community benefit programs. Now and for generations to come, the health of our community will be at the center of what we do – charting a better future for all.
*Memorial Hermann Health System owns and operates 14 hospitals and has joint ventures with three other hospital facilities, including Memorial Hermann Surgical Hospital First Colony, Memorial Hermann Surgical Hospital Kingwood and Memorial Hermann Rehabilitation Hospital-Katy.
About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on the healthcare and technology industries. Since its founding in 1979, the firm’s strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives, and strategic acquisitions. The firm has raised and managed funds totaling over $30 billion of committed capital. For more information, please visit www.wcas.com.
WCAS Contacts: Jon Rather
Kari Cashmore 720-414-7216
Memorial Hermann Contact: firstname.lastname@example.org