Elevance Well being acquires BioPlus from CarepathRx

Elevance Well being has added specialty pharmacy BioPlus to its portfolio of companies, the well being insurer introduced Wednesday.

Elevance Well being bought BioPlus from CarepathRx, a personal fairness owned firm that gives pharmacy companies to hospitals, based on a information launch. The corporate introduced the transaction in November.

BioPlus will function as a part of CarelonRx, Elevance Well being’s pharmacy profit supervisor. Elevance Well being declined to reveal the acquisition price.

BioPlus offers specialty pharmacy companies to sufferers with continual situations, together with most cancers, a number of sclerosis and hepatitis C, and covers greater than 100 limited-distribution medicine, based on Elevance Well being. The for-profit Blue Cross and Blue Defend service plans to broaden BioPlus’ choices to incorporate extra complicated illness therapy areas.

“Collectively, we are going to improve our skills to supply end-to-end pharmacy companies for our shoppers by delivering better affordability and entry to vital medicines, in addition to a superior affected person expertise,” Carelon President Pete Haytaian stated within the information launch.

Elevance Well being just lately generated $2.57 billion in debt, excluding underwriting reductions and providing bills, based on a Securities and Trade Fee submitting submitted final week. The corporate intends to make use of the proceeds for acquisitions, debt repayments and share repurchases, it notified regulators.

Final month, Elevance Well being introduced plans to amass Blue Cross and Blue Defend of Louisiana for an undisclosed value.