The asset-based lending business of CIT, a division of First Citizens Bank, provided $10 million in financing to Blue Sky Specialty Pharmacy.
Based in Charleston, SC, Blue Sky Specialty Pharmacy uses technology to accelerate the prescription process for patients, physicians, payers and pharmaceutical manufacturers by meeting their unique needs and providing transparent access to necessary medications.
The financing was arranged via a unique collaboration between First Citizens middle market banking team and the asset-based lending and healthcare finance businesses that First Citizens acquired in January through its merger with CIT.
“Our technology streamlines the specialty prescription process and provides industry-leading, customizable solutions and services for our customers,” Matt Walsh, CFO at Blue Sky, said. “We appreciated the bank’s expertise in arranging this financing that will enable us to continue to innovate and provide our customers with greater transparency throughout the prescription process.”
“Blue Sky’s innovative business model and people-first approach helps them stand out in the specialty pharmacy industry,” Chris Esposito, managing director and group head for CIT’s asset-based lending business, said. “We were pleased to assist them in arranging this financing and look forward to future opportunities to support their business goals.”
“Blue Sky is a great client with a bright future,” Brendan Chambers, managing director and group head for First Citizens middle market banking business, said. “This transaction is a great example of the how First Citizens’ merger with CIT has created unique capabilities that enable us to support middle market clients with a whole range of new financial options to help their businesses grow.”
