Access Infusion Care

Building on its experience in both pharma and provider services, New Harbor Capital has been actively pursuing a thesis in the infusion therapy industry for several years and believes the sector presents a compelling investment opportunity for our Chronic Care Management and Pharma Services focus areas. Infusion therapy involves the administration of critical, often expensive, and complex medications, fluids, and nutrients to patients via intravenous infusion. The majority of these drugs are specialty products and thus often (1) require special handling or administration, (2) have limited distribution, (3) treat rare, serious, or more chronic disease, and (4) require ongoing clinical assessment and/or monitoring. As such, these therapies represent a large component of overall drug spend – despite making up approximately two percent of overall prescription volume, specialty medications now account for approximately 53 percent of total annual pharmacy spend.¹

New Harbor is partnering with an experienced infusion executive, Dr. Bruce Kutinsky, to lead our infusion therapy strategy. A pharmacist by training, Bruce began his career as an Option Care franchisee in the early 1990s, and his location was one of the first to be acquired by Option Care. Following the acquisition of his franchise, Bruce served in several operational and strategic roles, ultimately taking on the role of Chief Operating Officer and helping to grow the business from $140 million to $850 million in revenue and from 300 to over 3,000 employees during his tenure. Upon Option Care’s sale to Walgreens, Bruce led the specialty pharmacy manufacturer and ambulatory infusion center strategy for the combined business.

The New Harbor team and Bruce were drawn to the opportunity to build an infusion platform of scale in underserved markets given the continued momentum in the infusion therapy space. As healthcare industry constituents seek to improve outcomes and lower costs by optimizing the site of care for services such as infusion, the demand for high-quality infusion providers will continue to grow. In addition, the increasing prevalence of chronic conditions and availability of specialty medications supports the growing demand for these services.

Access Infusion Care is a diversified specialty and infusion pharmacy services provider focused on providing high-quality infusion therapies for patients in the home and suite settings. The Company was formed in January 2024 through the acquisition of AIC North and JLS Infusion Nurse Staffing Services and will seek to acquire high-quality infusion providers in underserved geographies with diversified therapy offerings and delivery settings and outsized growth potential.

*Certain statements about New Harbor Capital made by portfolio company executives herein are intended to illustrate New Harbor Capital’s business relationship with such persons, including with respect to New Harbor Capital’s facilities as a business partner, rather than New Harbor Capital’s capabilities or expertise with respect to investment advisory services.  Portfolio company executives were not compensated in connection with their participation, although they generally receive compensation and investment opportunities in connection with their portfolio company roles, and in certain cases are also owners of portfolio company securities and/or investors in New Harbor Capital-sponsored vehicles. Such compensation and investments subject participants to potential conflicts of interest in making the statements herein.

(1) https://www.optum.com/business/insights/pharmacy-care-services/page.hub.defusing-specialty-drug-prices.html