Rite Aid acquires PBM for $2 billion

Posted Feb. 11, 2015

By Michael Johnsen - Published in Drug Store News (edited)

 

CAMP HILL, Pa. — Rite Aid is set to acquire the leading independent pharmacy benefit manager Envision Pharmaceutical in a deal valued at $2 billion, the retailer announced Wednesday. 

 

EnvisionRx provides both EnvisionRx and MedTrak PBMs. The company also offers a national Medicare Part D prescription drug plan through Envision Insurance Company’s EnvisionRx Plus product offering. 

   

Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Rite Aid will pay approximately $1.8 billion in cash and $200 million in Rite Aid stock, or approximately 27.9 million shares. 

 

The transaction is expected to close by Sept. 2015, subject to regulatory approvals and other customary closing conditions. 

 

Following the closing, EnvisionRx will operate as a wholly owned subsidiary of Rite Aid led by Frank Sheehy and current management.