EnvisionRx Acquisition Begins New Era for Rite Aid’s Pharmacy Business
In a move that will significantly advance Rite Aid’s efforts to grow as a retail healthcare company, Rite Aid completed the acquisition of Envision Pharmaceutical Services (“EnvisionRx”), a leading, full-service pharmacy benefit management (PBM) company based in Twinsburg, Ohio, from leading global private investment firm TPG and other shareholders. A PBM is a third-party administrator that handles prescription drug coverage for plan sponsors such as employers, health plans, unions, and local, state, and the federal government.
“The completion of this acquisition is an important step in our strategy to expand Rite Aid’s retail healthcare platform and enhance our health and wellness offerings,” said Rite Aid Chairman and CEO John Standley. “EnvisionRx’s talented management team and valued associates are a tremendous addition to our Rite Aid family. The combination of EnvisionRx’s broad suite of PBM and pharmacy-related businesses with Rite Aid’s retail platform will provide our customers and patients with an integrated offering across retail, specialty and mail-order channels.”
In addition to its transparent and traditional PBM offerings through the EnvisionRx and MedTrak PBMs, EnvisionRx also offers fully integrated mail-order and specialty pharmacy services through Orchard Pharmaceutical Services. And through its Envision Insurance Company, EnvisionRx also serves one of the fastest growing segments in healthcare: seniors enrolled in Medicare Part D.
“As part of Rite Aid, we are well positioned to deliver a truly integrated healthcare offering which will provide tremendous benefits to both plan sponsors and patients,” added EnvisionRx CEO Frank Sheehy. “Our work is already well underway and we look forward to accelerating our efforts now that the transaction is complete.”
EnvisionRx will operate as a wholly owned subsidiary of Rite Aid led by Frank Sheehy and current management. EnvisionRx’s headquarters will remain in Twinsburg, Ohio.