Elevance Health has added specialty pharmaceutical BioPlus to its business portfolio, the health insurer announced Wednesday.
According to a press release, Elevance Health has acquired BioPlus from CarepathRx, a private equity firm that provides pharmaceutical services to hospitals. The company announced the transaction in November.
BioPlus will operate as part of CarelonRx, Elevance Health’s pharmacy benefit management company. Elevance Health declined to disclose acquisition costs.
According to Elevance Health, BioPlus provides specialty pharmacy services to patients with chronic conditions, including cancer, multiple sclerosis, and hepatitis C, and covers more than 100 limited-distribution drugs. regime. For-profit provider Blue Cross and Blue Shield plan to expand BioPlus’ services to include more complex areas of disease treatment.
“Together, we will enhance end-to-end pharmaceutical service delivery for consumers by providing greater affordability and access to key drugs, as well as a better experience. superior for patients,” Carelon President Pete Haytaian said in a press release.
Elevance Health recently created $2.57 billion in debt, excluding underwriting discounts and offering costs, according to a Securities and Exchange Commission filing filed last week. The company intends to use the proceeds for buybacks, debt repayments and share buybacks, it has informed regulators.
Last month, Elevance Health announced plans to acquire Blue Cross and Blue Shield of Louisiana for an undisclosed price.
