Investment will support continued innovation in rare disease care and help PANTHERx serve more patients while preserving its independent, patient-first model

NEW YORK and PITTSBURGH, July 13, 2026 /PRNewswire/ — Warburg Pincus, the pioneer of global growth investing, today announced that a Warburg Pincus-led investor group has agreed to acquire a controlling interest in PANTHERx Rare, the leading independent rare pharmacy in the United States, from Nautic Partners, General Atlantic, and The Vistria Group. Nautic Partners and PANTHERx management will remain significant shareholders. The investment will support PANTHERx as a category-defining rare disease care platform while preserving its patient-first and manufacturer-aligned model.

PANTHERx pioneered the rare pharmacy model and serves as a trusted partner across the rare disease community. Through deep therapy expertise, meaningful relationships, and a commitment to removing barriers to care, PANTHERx helps patients access and stay on therapy while delivering the high-touch support, reliability, and collaboration that patients and partners depend on.

“PANTHERx was built to help patients navigate complex rare therapy journeys with urgency and precision. We are grateful for the partnership and support from Nautic Partners, General Atlantic, and The Vistria Group, whose investment helped expand our impact for patients and shape the company we are today,” said Bansi Nagji, Chief Executive Officer of PANTHERx. “We are excited to begin this next chapter with Warburg Pincus and Nautic Partners. This partnership reinforces our position as an independent, rare-focused pharmacy and supports continued investment in people, capabilities, and technology to help us serve more rare disease patients with the expertise and compassion that define PANTHERx.”

“PANTHERx is a standout healthcare platform with an exceptional management team, proven execution, and deep specialization in one of the most important and fastest-growing areas of healthcare,” said T.J. Carella, Managing Director, Head of Healthcare, Warburg Pincus. “The Company combines deep clinical specialization, high-touch service, and strong manufacturer partnerships. We look forward to partnering with Bansi and the PANTHERx team to support the Company’s continued growth and expand access to life-changing therapies for patients with rare diseases across the United States,” added Adam Krainson, Managing Director, Warburg Pincus.

“Since our initial investment, we have had the privilege of working alongside Bansi and the exceptional team at PANTHERx as they made a meaningful difference in the lives of rare disease patients and families,” said Chris Corey and Joe Anderson, Managing Directors, Nautic Partners. “We are excited to continue this journey alongside Warburg Pincus and support the next chapter of PANTHERx.”

“PANTHERx is defined by its steadfast commitment to an underserved patient population,” said Justin Sunshine, Managing Director and John LaDien, Principal at General Atlantic. “We are proud to have supported Bansi and the team in broadening access to critical therapies through greater scale, sustained innovation, and clinical rigor. We look forward to following the company’s continued impact in the years ahead.”

“When we invested in PANTHERx, we saw a company with the unique potential to redefine the specialty pharmacy model for rare diseases,” said Mo Yang, Partner at The Vistria Group. “We are proud of what the team has built over the last four years, and we thank the management team and employees for their unwavering commitment to putting patients first and making a profound impact in the lives of those they serve.”

The companies expect to close the transaction in the coming months following customary closing conditions and regulatory approvals.

J.P. Morgan Securities LLC served as financial advisor to Warburg Pincus. Centerview Partners and Goldman Sachs & Co. LLC served as financial advisors to PANTHERx. Cleary Gottlieb served as legal counsel to Warburg Pincus. Ropes & Gray served as legal counsel to PANTHERx.

About Warburg Pincus
Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $105 billion in assets under management, and more than 225 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,100 companies across its private equity, real estate, and capital solutions strategies. Since inception, Warburg Pincus has invested over $20 billion in more than 190 innovative healthcare companies around the world, including The START Center for Cancer Research, Summit Health/CityMD, Simtra BioPharma Solutions, Polyplus, Modernizing Medicine, GHX, and Ensemble Healthcare Partners.

The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn and YouTube.

About Nautic Partners
Nautic Partners, LLC is a middle-market private equity firm based in Providence, Rhode Island, that focuses on investments in three sectors: healthcare, industrials, and services. Nautic has completed over 165+ platform transactions over its 40-year history. The firm employs a proactive, thematic investment strategy and partners with strong management teams to accelerate the growth of its portfolio companies through strategic add-on acquisitions, targeted operational initiatives, and deep sector expertise. For more information, please visit www.nautic.com.

About PANTHERx Rare
PANTHERx Rare makes rare disease care more hyper-personalized and less overwhelming by focusing relentlessly on each patient and each therapy. PANTHERx experts develop deep personal relationships with patients, prescribers, and pharmaceutical partners, serving as trusted advocates to ensure seamless collaboration and exceptional care. Since its founding in a garage in Pittsburgh, PA in 2011, PANTHERx has grown into the largest independent rare pharmacy in the U.S., leveraging established-company resources while maintaining small-company responsiveness, innovation, and attention to detail.

PANTHERx is licensed in all 50 states and was the first national pharmacy to achieve dual accreditations in rare disease from the Accreditation Commission for Health Care (ACHC) and Utilization Review Accreditation Commission (URAC). PANTHERx is also a nine-time winner of the prestigious MMIT Patient Choice Award for patient satisfaction, including the 2026 honor.

For more information, please email TheRareSP@pantherxrare.com or visit www.pantherxrare.com.

Contacts

Warburg Pincus

Sarah Bloom, Director, Communications
sarah.bloom@warburgpincus.com

Nautic Partners

Allan Petersen, Managing Director and COO
apetersen@nautic.com

PANTHERx Rare

Giancarlo Brutocao, Vice President, Corporate Strategy and Marketing
gbrutocao@pantherxrare.com

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SOURCE Warburg Pincus LLC