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February 8, 2016

Apothecary by Design selling retail pharmacy

PHOTO COURTESY / APOTHECARY BY DESIGN
PHOTO COURTESY / APOTHECARY BY DESIGN
Apothecary by Design's Marginal Way location in Portland. The retail location has been sold to a partnership and will be renamed Coastal Pharmacy & Wellness.

Apothecary by Design, one of Maine's fastest growing companies, will sell its retail pharmacy in Portland to a team that includes one of the company's founders.

The pharmacy, which is at 84 Marginal Way, will be renamed Coastal Pharmacy & Wellness. It will continue to serve customers as a retail-and-compounding pharmacy, nutraceutical provider and coffee shop.

It will be owned and operated by Joe Lorello, a compounding pharmacist and co-founder of ABD; Cassi Brooks, who is operations manager for ABD's retail and compounding pharmacy; and Stephen Drapeau, a pharmacist who practiced most recently in South Portland, the two parties said in a joint announcement.

"The location itself is going to remain the same, it's the same team and the same continued commitment to everyone we serve," Brooks told Mainebiz on Monday.

Terms of the deal, which is expected to close in March, were not disclosed.

Apothecary by Design, which was founded in 2008, will focus on specialty medications and compounds, including specialty medications for hepatitis C, HIV and infertility. It will continue to provide services to patients with chronic, complex diseases. It is based at 141 Preble St., just a block from the retail pharmacy.

"Selling the retail business to people who have been leading the business is an ideal next step in its evolution. At the same time, the launch of Coastal Pharmacy & Wellness allows ABD to focus resources on new opportunities in the specialty pharmacy market," Mark McAuliffe, CEO of ABD, said in the announcement.

ABD has more than 100 employees at the sites on Preble Street and Marginal Way. Staffing is expected to stay that same or increase after the deal is completed.

"[We have] parking in Portland which is rare," Brooks told Mainebiz about the Marginal Way location. "And being on the bottom floor of the Intermed building lends itself to people visiting their doctors and being able to stop by after an appointment."

Apothecary by Design was named Maine's fastest-growing large business in November by Mainebiz. It has also been on the Inc. 500/5000 list. Last year, it received investment from BelHealth Investment Partners, a N.Y.-based private equity firm, though the company remains based in Portland.

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