Company enters $42 billion marketplace with acquisition of established and successful infusion pharmacy.
SAN DIEGO, May 21, 2024 (GLOBE NEWSWIRE) -- Dalrada Financial Corporation (OTCQB: DFCO, “Dalrada,” “the Company”), announced today that its wholly-owned healthcare subsidiary, Genefic, Inc. (“Genefic”), had acquired IV Services, LLC, a recognized pharmaceutical business and infusion management leader.
The acquisition of IV Services expands Genefic’s existing pharmacy sales and operational footprint. Furthermore, the acquisition will also increase Genefic’s top line revenue through new product offerings with its established patient base and payor contracts with major insurance carriers which strengthens its current specialty pharmacy business.
“Acquiring an infusion specialist like IV Services bolsters Genefic’s offerings and allows us to further our expansion in this unique market, delivering immediate and long-term value to our pharmaceutical business,” said Dalrada CEO, Brian Bonar. “And, I’m pleased to report that acquiring these companies is non-dilutive to Dalrada shareholders,” he added.
With the global infusion pharmacy management market currently worth approximately $42 billion and predicted to grow to nearly $70 billion by 2030, the acquisition presents Genefic with the opportunity to continue developing its patient care capabilities through IV Services’ expansive Louisiana-based facility and enter a well-established, rapidly-rising business segment.
Genefic CEO, Dan Riley, echoed Bonar’s sentiments, adding, “We’re excited about what this acquisition will bring to Genefic. This is the first of multiple opportunities within the infusion pharmacy space that will provide us with a wider reach than ever before, while driving significant revenue.”
With IV Services’ full pharmacy licenses in Louisiana and Mississippi, Genefic adds more regional U.S. states to its pharmaceutical fold, complementing its existing licenses and operational presence in a growing roster of states, including North Carolina, South Carolina, Tennessee, Georgia, Alabama, and Texas.
About Dalrada Corporation
Dalrada Financial Corporation (OTCQB: DFCO) is a multi-national holding company that develops, manufactures, and sells a robust suite of products and services in the Clean Energy and Health Care sectors. Dalrada’s core segments include Dalrada Climate Technology, which offers cutting-edge heat pump technology for industrial and residential applications, and Genefic Specialty Pharmacy, which provides end-to-end prescription services as well as patient advocacy and support.
Dalrada Financial Corporation consistently drives innovation that delivers maximum impact, bringing increased value to its shareholders.
For more information, please visit www.dalrada.com, and follow us on LinkedIn, Facebook, Twitter, and YouTube.
About Genefic
A wholly-owned subsidiary of Dalrada Financial Corporation, Genefic proudly delivers frontline health products and services through redesigned systems and reimagined patient care. Genefic’s unique pharmacy solution, Genefic Specialty Pharmacy, offers more than 30 years of dedicated expertise providing patient advocacy through end-to-end prescription services, medical education, and patient advocacy and support.
Forward-Looking Statements
Statements contained in this press release, other than statements of historical fact, particularly statements relating to cost reductions and the anticipated pre-tax savings from the cost reduction program, restructuring costs, footprint rationalization, simplifying and streamlining our operations, reducing complexity, enhancing the speed of decision-making, leveraging our sourcing capabilities and the timing of implementation and completion of the cost reduction program, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words “will,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “forecast,” “project,” “plan,” and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Forward-looking statements are subject to the occurrence of many events outside the Company’s control and actual results and the timing of events may differ materially from those suggested or implied by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the US Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.
Media contact: Isabella Monteparte (imonteparte@genefic.com)
