Sell-side & buy-side advisory · U.S. pharmacy sector
The quiet market for exceptional pharmacy assets.
Pharmacy Brokerage Services represents owners and acquirers in the confidential sale, purchase, and recapitalization of specialty, compounding, and independent pharmacy businesses — with the discretion the moment demands.
The practice
A boutique advisory built around a single sector — and a single standard of discretion.
We do one thing: move pharmacy businesses between owners cleanly, confidentially, and at the right value. Buyers and sellers work with the same team from first conversation to close.
Sell-side representation
Owner-aligned exits, run end to end. We prepare the business, control the narrative, and take the process to a curated set of qualified buyers — never a public auction.
Buy-side mandates
For strategic and financial buyers, we source and secure hard-to-find pharmacy assets — including proprietary opportunities that are never openly marketed.
Valuation & deal packaging
Defensible valuation paired with institutional-grade materials — blind teaser, full confidential information memorandum, and a diligence-ready data room.
Confidential marketing
Pre-qualified outreach under NDA that surfaces genuine interest while protecting your name, your staff, and your patient relationships until it matters.
The confidential index
Assets come to market quietly.
Live and upcoming mandates — and the categories we represent. Identifying detail stays redacted until a mutual non-disclosure agreement is in place.
Upcoming mandates
Mandate types we represent
Full CIM available upon execution of a mutual NDA.
How a mandate comes to market
Five disciplined stages, one confidential process.
Valuation & readiness
We establish a defensible range and prepare the business to withstand buyer diligence before anyone sees it.
Confidential packaging
A blind teaser and full CIM tell the story compellingly — without exposing your identity.
Curated outreach
We approach a short list of qualified strategic and financial buyers under NDA — quietly, never at auction.
Diligence & terms
We run the data room, manage competing interest, and negotiate structure to protect value and certainty.
Close & transition
We carry the transaction through signing, funding, and a clean operational handoff.
Sectors we cover
Depth where it counts.
We speak the language buyers underwrite — licensure, REMS, payer mix, and the regulatory posture unique to each pharmacy model.
Sterile & non-sterile compounding
Outsourcing facilities and compounding pharmacies.
Specialty pharmacy
Limited-distribution, high-touch therapeutic platforms.
Independent & retail
Single stores to multi-location independent groups.
Long-term care & closed-door
Institutional, assisted-living, and correctional service.
Home infusion & distribution
Ambulatory infusion and specialty distribution assets.
Diligence advisory
We have sat on both sides of the diligence table.
Pharmacy transactions rarely come apart over price. They come apart in diligence, when something surfaces that nobody prepared for. Across many closed transactions we have run this process for sellers and for buyers — so we know what gets asked, what gets discounted, and what an owner can resolve long before it becomes leverage in a renegotiation.
Sell-side readiness
We run the buyer's playbook against your business before a buyer does.
- Pre-market review — a written account of what a buyer will find, while there is still time to fix it.
- Normalized earnings — add-backs documented to survive a quality-of-earnings review.
- Data room — built and maintained in the structure institutional buyers expect.
- Response management — requests answered once, consistently, and on the record.
- Remediation — closing the gaps that otherwise become a price reduction at week ten.
Buy-side diligence
We test whether the business you are buying is the business that was described.
- Revenue durability — what is transferable and what is personal to the departing owner.
- Concentration — prescriber and drug dependence, and what walks if one referral source leaves.
- Reimbursement — payer mix stress-tested against known rate and DIR pressure.
- Regulatory posture — licensure, accreditation, and open audit exposure.
- Operations — staffing model, pharmacist-in-charge continuity, and vendor terms.
Diligence scope
What actually gets examined.
Every transaction is different, but the questions that decide value in a pharmacy deal are consistent. These are the areas we work through on either side of the table.
- Volume
- Script count, refill rate, new-patient starts, generic and brand mix
- Margin
- Gross margin per script by payer and by therapeutic class
- Payer
- Payer mix, contract terms, effective rate trend and DIR exposure
- Concentration
- Top-ten prescriber and top-twenty drug dependence
- Supply
- Primary wholesaler agreement, GCR performance, rebate and term commitments
- Inventory
- Valuation method, cycle counts, DSCSA records and pedigree reconciliation
- Receivables
- AR aging, PBM reconciliation history, chargebacks and takebacks
- Audit history
- Prior PBM, Medicare and Medicaid audits; open recoupments and corrective actions
- Access
- Accreditation status and any limited-distribution or REMS network participation
- Licensure
- State permits including non-resident licenses, DEA registration and ordering history
- People
- Staffing model, pharmacist-in-charge continuity, key-person risk
- Premises
- Lease terms, assignment rights, conditional use permits, real estate
Sample deliverable
What a buy-side engagement puts on your desk.
Every engagement closes with a one-page executive summary: a recommendation, the earnings a new owner can actually expect, the risks that belong in the purchase agreement, and a rating for each of the twelve workstreams.
- Target
- Project Meridian, a fictional specialty and community pharmacy
- Shown
- Recommendation, earnings bridge, scorecard and proposed terms
- Withheld
- The tests, benchmarks and thresholds behind each rating
One page, PDF. Illustrative only: the target and every figure are invented.
Considering a transaction in the next twelve to twenty-four months? A readiness review now is the least expensive step in the entire process.
Request a diligence reviewPharmacy Brokerage Services provides commercial and operational diligence support alongside your accountants and counsel. We do not provide audit, attest, tax, or legal services, and we do not represent both parties in the same transaction.
Why Pharmacy Brokerage Services
Sector fluency and absolute discretion — in the same firm.
Sector specialization
We only do pharmacy. That means we can price the things generalist brokers miss — DEA and state licensure, REMS obligations, 340B exposure, and payer concentration.
Confidential by design
Your name stays protected until an NDA is signed. Discretion isn't an add-on to our process — it is the process.
Institutional-grade materials
Every mandate is packaged to the standard buyers expect: a blind teaser, a complete CIM, and a diligence-ready data room.
Curated buyer access
Direct relationships with the strategic acquirers, platforms, and financial sponsors actively deploying capital into pharmacy today.
Start a confidential conversation
Considering a sale — or a strategic acquisition?
Every conversation begins in confidence. Reach out to discuss a potential mandate, a valuation view, or a specific acquisition target. No obligation, and nothing leaves the room.
Your inquiry is ready to send.
We've opened a confidential email to Charlie with your details. If it didn't open, write to charlie@pbsmna.com directly.
Confidential · Subject to mutual NDA