Diplomat Announces Launch of Initial Public Offering
FLINT, Mich., Sept. 29, 2014 — Diplomat, a nationally recognized specialty pharmacy, today announced that it has commenced its initial public offering of 13,333,333 shares of its common stock. Diplomat is selling 10,000,000 shares of common stock and certain selling shareholders of Diplomat are selling 3,333,333 shares of common stock. The selling shareholders intend to grant the underwriters a 30-day option to purchase up to an additional 2,000,000 shares of common stock to cover over-allotments, if any. The initial public offering price is currently expected to be between $14.00 and $16.00 per share. Diplomat’s common stock has been approved for listing on the New York Stock Exchange under the symbol “DPLO,” subject to official notice of issuance.
Diplomat expects to use the net proceeds from the initial public offering to repay indebtedness and for working capital and other general corporate purposes. Diplomat will not receive any proceeds from the sale of shares by the selling shareholders, including sales by the selling shareholders pursuant to the underwriters’ overallotment option.
Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC are acting as lead book-running managers. Additional book-running managers are J.P. Morgan Securities LLC and Wells Fargo Securities, LLC. William Blair & Company, L.L.C. and Leerink Partners LLC are acting as co-managers.
A Form S-1 registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering will be made only by means of a prospectus. Copies of the preliminary prospectus related to the offering may be obtained, when available, from Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, by telephone at (800) 221-1037, by facsimile at (212) 325-8057, or by email at email@example.com; or from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.
Diplomat serves patients and physicians in all 50 states as a nationally recognized specialty pharmacy. Headquartered in Flint, Michigan, the company focuses on medication management programs for people with complex chronic diseases, including oncology, immunology, hepatitis, multiple sclerosis, HIV, specialized infusion therapy and many other serious or long-term conditions. Diplomat opened its doors in 1975 as a neighborhood pharmacy with one essential tenet: “Take good care of patients, and the rest falls into place.” Today, that tradition continues – always focused on improving patient care and clinical adherence. For more information visit www.diplomat.is.
Bob East, Westwicke Partners
Jenny Cretu, Diplomat
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