Petra is pleased to announce the recapitalization of CareMetx (or the “Company”), a leading technology-enabled hub services company improving patient access to specialty medications. General Atlantic, a global growth equity firm, and The Vistria Group, a Chicago-based private investment firm led the recapitalization. With the transaction, Petra is exiting its position and General Atlantic will become the majority owner of CareMetx. The Vistria Group, existing majority shareholder in CareMetx since 2017, will maintain a significant position in the Company.
Co-founded in 2011 by Bob Dresing and Mark Hansan, hub services pioneers, CareMetx is leading the transformation of the industry from traditional call center services to a “Digital Hub” which integrates the Company’s proprietary technology platform with award-winning patient and provider support. CareMetx works on behalf of pharmaceutical and biotechnology companies to help patients and providers navigate reimbursement complexities and will continue to launch new products intended to lower the cost burden for patients on high-cost therapies.
Petra initially invested in 2015 in VirMedica, an industry leader in providing proprietary e-access technology solutions designed to expedite patient access. In 2018, CareMetx merged with VirMedica and Petra became an equity partner of CareMetx.
“CareMetx is a disruptor in pharma commercialization services, differentiated by its focus on leveraging technology and grounded in its commitment to helping patients,” commented Justin Sunshine, Managing Director at General Atlantic. “CareMetx plays a critical role to ensure specialty therapeutics effectively reach the patients who need them, and we look forward to working with Mark and the CareMetx team to further accelerate the Company’s growth.”
Terms of the deal were not disclosed. The Company was advised by Baird and North Point Advisors.