Peak Rock Capital has purchased Asembia, a fast-growing provider of services surrounding specialty pharmacy including distribution, group purchasing and technology connecting patients, the companies announced Thursday.

Privately held Asembia was founded in 2004 by the Irene family to address what at the time was considered the more specialized needs of new biologic medicines and other medications not dispensed in the traditional pharmacy like Walgreens or CVS Health drugstores. Financial terms of the acquisition weren’t disclosed.

“The investment from Peak Rock will help Asembia continue its mission of improving the experiences of patients, prescribers, and pharma and pharmacy partners to support patient care,” said Asembia chief executive officer Lawrence Irene, who co-founded the Florham Park, N.J. company with his brother Robert and father Sandy Irene. "With Peak Rock, Asembia will continue to make key investments in growth, technology, and innovation. We are excited to have Peak Rock’s support during the Company’s next stage of growth."

Today, specialty drugs account f or well more than half of the total prescription spending any health plan, employer or government health program manages. And employer clients tell benefits consultants that specialty costs easily account for 60% or more of their total drug spending, particularly as more Americans flock to anti-obesity GLP-1 medicines, prescriptions hailed for their ability to help people lose weight.

Over the years, Asembia has evolved from a company largely about group purchasing, specialty pharmacy distribution channels and servicing networks of specialty drugstores as medication delivery and how prescription drugs are paid for has become more complex. Thus, specialty pharmacies and clients in the business need the latest technology solutions when dealing with doctors, drug manufacturers, insurance companies and prescribing physicians.

“Asembia has a unique commitment to providing comprehensive technology enabled commercialization services across the specialty pharma value chain,” said Spencer Moore, Managing Director of Peak Rock.

Last year, for example, Asembia launched its ASPN digital retail network, which is a platform connecting drug makers, prescribers and patients with thousands of retail, specialty and digital pharmacies to speed patient access to therapies. Prescribers say it’s particularly useful to reduce barriers like financial hurdles and the health plan prior authorization process.

Asembia is also known for its massive annual AXS26 Summit, which last year showcased the future of specialty pharmacy and patient access over four days at Wynn & Encore Las Vegas. The event, which drew two dozen Asembia executives and clients to its first meeting more than 20 years ago, was attended by nearly 10,000 this year including more than 1,500 attending businesses and other organizations from around the world. Asembia's AXS27 Summit is returning to Wynn & Encore April 25-29, 2027.

“We are excited to partner with the Irene family, Asembia management, and employees to invest in technology, capabilities, marketing, and other growth initiatives to support the company in serving more patients, prescribers, pharmacies, and pharma manufacturers,” Peak Rock’s Moore added. "We plan to also pursue complementary acquisitions that will support accelerated growth."

Peak Rock, which says it makes investments in the range of $50 million to $1.5 billion, has other healthcare assets among the companies under its umbrella. The company’s CEO said healthcare will continue to be a growth area.

“This transaction demonstrates Peak Rock’s considerable ongoing commitment to investing in founder-owned businesses with strong growth potential,” Peak Rock chief executive officer Anthony DiSimone, said. "It also highlights our continued interest in investing in resilient healthcare businesses and technology-enabled solutions that will benefit from our expertise in supporting transformational growth."