Rite Aid Expands into Pharmacy Benefits Business
Published at
GaryPhoto/iStock Editorial/Thinkstock(CAMP HILL, Pa.) — Rite Aid announced on Wednesday it has entered into a definitive agreement to purchase pharmacy benefits manager EnvisionRx for $2 billion.
“The acquisition of EnvisionRx meaningfully expands our health and wellness offerings, enhancing our ability to provide a higher level of care to the patients and communities we serve,” Rite Aid Chairman and CEO John Standley said in a statement. “With the addition of EnvisionRx, we will create a compelling pharmacy offering across retail, specialty and mail-order channels, enabling us to deliver cost-effective solutions to employers and health plans while driving growth and creating long-term value for our shareholders.”
The transaction, which is still subject to regulatory approvals, is expected to close in September.
Once the deal is complete, EnvisionRx will operate as a wholly owned subsidiary of the drug store chain. EnvisionRx will continue to be led by its CEO, Frank Sheehy, and will remain headquartered in Twinsburg, Ohio.
Follow @ABCNewsRadio
Copyright © 2015, ABC Radio. All rights reserved.