CIT Provides $10 Million to Charleston-based Blue Sky Specialty Pharmacy

Rhea-AI Summary

CIT, a division of First Citizens Bank, announced $10 million in financing to Blue Sky Specialty Pharmacy, a Charleston-based company focused on enhancing the prescription process for patients and healthcare providers. This financing was facilitated through a collaboration between the Middle Market Banking team and the Asset-Based Lending division, both part of First Citizens' acquisition of CIT in January. Blue Sky aims to leverage this funding to further innovate its technology and improve service delivery in the specialty pharmacy sector.

Positive

• CIT provided $10 million financing to Blue Sky Specialty Pharmacy, enhancing its operational capabilities.
• Collaboration between First Citizens' Middle Market Banking and Asset-Based Lending divisions showcases integrated service offerings post-merger.

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• None.

NEW YORK, Sept. 8, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Asset-Based Lending business provided $10 million in financing to Blue Sky Specialty Pharmacy.

Based in Charleston, South Carolina, 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," said Matt Walsh, CFO at Blue Sky. "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," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending business. "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," said Brendan Chambers, managing director and group head for First Citizens Middle Market Banking business. "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."

CIT's Asset-Based Lending business meets clients' working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.

About CIT
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.

MEDIA RELATIONS:

Lexa Tutela
212-461-5305
Lexa.Tutela@firstcitizens.com

 

 

 

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SOURCE CIT, a division of First Citizens Bank

FAQ

What recent financing transaction did CIT announce related to FCNCA?

CIT announced a $10 million financing deal for Blue Sky Specialty Pharmacy on September 8, 2022.

How will Blue Sky Specialty Pharmacy utilize the $10 million financing from CIT?

Blue Sky will use the financing to continue innovating and improving the prescription process for its customers.

Which divisions of First Citizens Bank were involved in the financing to Blue Sky Specialty Pharmacy?

The financing was arranged by the Middle Market Banking team and the Asset-Based Lending division.

What is the significance of the financing provided to Blue Sky by CIT?

The financing supports Blue Sky’s goal of enhancing technology and transparency in the specialty pharmacy market.

How does this financing reflect on First Citizens BancShares, the parent company of CIT?

This transaction illustrates First Citizens' capability to support middle-market clients post-CIT merger.