Rite Aid Sells PBM Elixir For $575M To MedImpact

Forbes Innovation Healthcare Rite Aid Sells PBM Elixir For $575M To MedImpact Bruce Japsen Senior Contributor Opinions expressed by Forbes Contributors are their own. I write about healthcare business and policy Following Click to save this article. You'll be asked to sign into your Forbes account.

Got it Jan 9, 2024, 01:14pm EST Share to Facebook Share to Twitter Share to Linkedin Rite Aid said U.S. Bankruptcy Court has approved the sale of its Elixir pharmacy benefit management ... [+] (PBM) company to MedImpact for $575 million. Rite Aid Rite Aid is selling its Elixir pharmacy benefit management (PBM) company to MedImpact for $575 million, the drugstore chain said Tuesday.

Rite Aid, which filed for bankruptcy protection in October, said the U.S. Bankruptcy Court for the District of New Jersey approved the sale of Elixir Solutions Business, which Rite Aid executives once described as the company’s “crown jewel.” Its the latest effort by Rite Aid to restructure the drugstore chain, which has already closed about 200 stores since its filing for Chapter 11 bankruptcy protection with potentially more retail locations to close in coming weeks and months.

“We are confident the transaction with MedImpact maximizes the value of the business and best positions Elixir to support clients, members and customers long into the future,” Jeffrey Stein, Rite Aid’s CEO and Chief Restructuring Officers said in a statement. “We are continuing to make progress with our court supervised process and are moving forward with our Rite Aid 2.0 Plan.

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