Elevance Health Announces Closing of BioPlus Acquisition

Rhea-AI Summary

Elevance Health (NYSE: ELV) has finalized its acquisition of BioPlus, a notable specialty pharmacy, enhancing its capabilities in managing complex health conditions. This strategic move focuses on providing comprehensive pharmacy services across all 50 states, particularly for patients with chronic ailments like cancer and multiple sclerosis. The integration of BioPlus into Elevance’s CarelonRx will enable improved accessibility and affordability of specialty drugs, aiming to elevate patient care and experience. Elevance plans to expand BioPlus’ service models, aligning with its commitment to holistic healthcare solutions.

Positive

• Acquisition of BioPlus enhances Elevance Health's specialty pharmacy capabilities.
• Integration into CarelonRx expected to improve access to specialty medications.
• Plans for expansion into complex disease areas could drive revenue growth.

Negative

• None.

Acquisition to enhance Elevance Health’s capabilities in specialty pharmacy, promote whole health

INDIANAPOLIS--(BUSINESS WIRE)-- Elevance Health (NYSE: ELV) today announced the closing of its acquisition of BioPlus, a comprehensive specialty pharmacy subsidiary of CarepathRx, a portfolio company of Nautic Partners.

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 covers more than 100 limited distribution medications and has a footprint that touches all 50 states.

This acquisition will help Elevance Health meet the specialty drug needs of its clients and customers with a whole-health approach, supported by programs across Elevance Health and Carelon, Elevance Health’s healthcare services brand. BioPlus will now operate as part of CarelonRx, Elevance Health’s pharmacy benefit manager within Carelon.

“Specialty pharmacy is a critical driver of value for patients, and we are excited to welcome BioPlus, the largest independent specialty pharmacy, to our Elevance Health family,” said Pete Haytaian, Executive Vice President, Elevance Health and President, Carelon. “Together, we will enhance our abilities to provide end-to-end pharmacy services for our consumers by delivering greater affordability and access to critical medications, as well as a superior patient experience.”

Elevance Health plans to expand BioPlus’ service models across more complex disease treatment areas so the combined company can continue to provide timely access to medications, deliver leading support services for both providers and patients, and ensure individuals receive distinctive clinical expertise and service. The acquisition of BioPlus furthers Elevance Health’s commitment to scaling healthcare services to address the needs of health plans and their members, beginning with members of its affiliated health plans.

About Elevance Health, Inc.

Elevance Health is a lifetime, trusted health partner fueled by its purpose to improve the health of humanity. The company supports consumers, families, and communities across the entire care journey – connecting them to the care, support, and resources they need to lead healthier lives. Elevance Health’s companies serve approximately 119 million people through a diverse portfolio of industry-leading medical, digital, pharmacy, behavioral, clinical, and complex care solutions. For more information, please visit www.elevancehealth.com or follow us @ElevanceHealth on Twitter and Elevance Health on LinkedIn.

About CarepathRx

CarepathRx seeks to transform pharmacy care delivery for health systems and hospitals by delivering improved patient outcomes that drive clinical, quality, and financial results. Through an industry leading, comprehensive, end-to-end hospital pharmacy care delivery model, CarepathRx works to turn hospital pharmacy into an active care management strategy and revenue generator while providing support across the patient’s complete healthcare journey. The company takes an enterprise approach, providing a powerful combination of technology, market-leading clinical pharmacy services, and wrap-around services that aim to optimize pharmacy performance for fully integrated pharmacy operations, expanded healthcare services, improved ambulatory access, minimized clinical variation, and new health system revenue streams. Today, CarepathRx serves more than 20 health systems and 600 hospitals, with more than 2,000 employees nationwide. For more information about CarepathRx, visit www.carepathrxllc.com.

About Nautic Partners

Nautic Partners, LLC (“Nautic”) is a middle-market private equity firm that focuses on three industries: healthcare, industrials, and services. Nautic has completed over 150 platform transactions throughout its 35-plus year history. Nautic's strategy is to partner with management teams to accelerate the growth trajectory of its portfolio companies via add-on acquisitions, targeted operating initiatives, and increased management team depth. For more information, please visit www.nautic.com.

Forward-Looking Statements

This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. You are cautioned not to place undue reliance on these forward- looking statements that speak only as of the date hereof. You are also urged to carefully review and consider the various risks and other disclosures discussed in our reports filed with the U.S. Securities and Exchange Commission from time to time, which attempt to advise interested parties of the factors that affect our business. Except to the extent required by federal securities laws, we do not undertake to update or revise these forward-looking statements to reflect events or circumstances after the date hereof.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230214005812/en/

Media Contact:

Hieu Nguyen

Hieu.Nguyen2@elevancehealth.com



Investor Relations:

Stephen Tanal

Stephen.Tanal@elevancehealth.com

Source: Elevance Health

FAQ

What is the significance of Elevance Health acquiring BioPlus?

The acquisition enhances Elevance Health's ability to provide specialized pharmacy services, particularly for patients with chronic conditions.

When did Elevance Health complete the acquisition of BioPlus?

Elevance Health announced the closing of the BioPlus acquisition today, as reported.

How will the acquisition of BioPlus impact Elevance Health's services?

It will expand Elevance's pharmacy services across complex disease areas while enhancing patient access to critical medications.

What does BioPlus specialize in?

BioPlus specializes in providing specialty pharmacy services for patients with complex and chronic conditions.

What are the future plans for BioPlus under Elevance Health?

Elevance Health plans to expand BioPlus' service models and improve the delivery of end-to-end pharmacy services.