Orange County medical entrepreneur and philanthropist Mark Chapin Johnson has sold his Chapin Medical Co. to AmerisourceBergen Corp.
Johnson, who lives in Cowan Heights, said AmerisourceBergen, paid seven figures, or “between $1 million and $9.99 million” for Chapin Medical.
In November, Johnson moved Chapin Medical from Corona to another building he owns in Anaheim Hills.
Drug distributor AmerisourceBergen is based in Pennsylvania and bought Orange’s Bergen Brunswig Corp. in 2001.
Chapin Medical distributes plasma and drugs to treat gunshot wounds, cancer, AIDS and hemophilia. Doctors use the products in open-heart surgery and emergency care.
Johnson said he decided to sell Chapin Medical because he saw “foundational changes that are occurring in the specialty (drug) distribution space nationally.”
“I really felt that (AmerisourceBergen) would bring some resources and assets to the table that would allow Chapin Medical to just expand exponentially, if we were able to come to an agreement,” Johnson said.
The deal, he said, allows Chapin Medical, which will be renamed Chapin Drug Co., to continue operating on its own under AmerisourceBergen.
Johnson said he plans to stay on and run the business as president of Chapin Drug. The business is set to fall under AmerisourceBergen Specialty Group, which is based in Dallas and run by Steve Collis, a former Bergen Brunswig official.
For more on this story, see the May 2 edition of the Orange County Business Journal.
