Elevance Health (NYSE: ELV) entered into an agreement with CarepathRx, a portfolio company of Nautic Partners, to acquire BioPlus, an Altamonte Springs, FL-based comprehensive specialty pharmacy.
The amount of the deal was not disclosed. The acquisition is subject to customary closing conditions and is expected to close in the first half of 2023. BioPlus is not expected to have a material impact on adjusted earnings per share in 2023.
This acquisition will help Elevance Health meet the specialty drug needs of its clients and customers with a whole-health approach, supported by integrated programs across Elevance Health and Carelon, Elevance Health’s healthcare services brand. The company will look to expand BioPlus’ speed and service models across more complex disease treatment areas to provide timely access to medication, deliver support services for both providers and patients, and ensure individuals receive distinctive clinical expertise and service at all levels of care.
BioPlus provides a complete range of specialty pharmacy services for patients living with complex and chronic conditions, such as cancer, multiple sclerosis, hepatitis C, autoimmune diseases, and rheumatology.
The company currently offers Centers of Excellence (CoEs), which address therapeutic areas such as oncology and multiple sclerosis, and Elevance Health will look to build out additional CoEs for therapeutic areas to serve consumers. CoEs include teams of specialized pharmacists and clinicians knowledgeable in therapeutics areas who partner with patients throughout their treatment journey. These services help ensure medication access, adherence, and high-quality health outcomes.
After the acquisition closes, the specialty pharmacy will operate as part of IngenioRx, Elevance Health’s pharmacy benefit manager within Carelon, Elevance Health’s healthcare services brand. BioPlus’ offerings will complement IngenioRx capabilities and will increase Elevance Health’s ability to provide end-to-end pharmacy services, act as a patient advocate for integrated services, and promote affordability.
FinSMEs
10/11/2022