Elevance Health to Acquire BioPlus
Thursday, November 10, 2022
Elevance Health announced that it has entered into an agreement with CarepathRx, a portfolio company of Nautic Partners, to acquire BioPlus, a comprehensive specialty pharmacy. 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. This acquisition will help Elevance Health meet the specialty drug needs of its clients and customers with a whole-health approach, supported by integrated programs across Elevance Health and Carelon, Elevance Health’s healthcare services brand.
“As a trusted, lifetime health partner, the acquisition of BioPlus helps us deliver on our whole-health strategy that gives our consumers improved access and reliability to their prescriptions when they need it most,” said Pete Haytaian, Executive Vice President, Elevance Health and President, Carelon. “In making BioPlus part of the Elevance Health family, we are committed to leveraging our resources to scale and broaden the reach of BioPlus’ best-in-class specialty pharmacy capabilities, delivering greater affordability and access to critical medications.”
The company will look to expand BioPlus’ speed and service models across more complex disease treatment areas to provide timely access to medication, deliver leading support services for both providers and patients, and ensure individuals receive distinctive clinical expertise and service at all levels of care.
BioPlus currently offers Centers of Excellence (CoEs), which address therapeutic areas such as oncology and multiple sclerosis, and Elevance Health will look to build out additional CoEs for therapeutic areas to serve consumers. CoEs include teams of specialized pharmacists and clinicians knowledgeable in therapeutics areas who partner with patients throughout their treatment journey. These services help ensure medication access, adherence, and high-quality health outcomes.
After the acquisition closes, the specialty pharmacy will operate as part of IngenioRx, Elevance Health’s pharmacy benefit manager within Carelon, Elevance Health’s healthcare services brand. BioPlus’ offerings will complement IngenioRx capabilities and will increase Elevance Health’s ability to provide end-to-end pharmacy services, act as a patient advocate for integrated services, and promote affordability.
After BioPlus is integrated into Elevance Health, consumers who receive both medical and pharmacy benefits from Elevance Health’s subsidiaries will benefit from the company’s ability to leverage medical and pharmacy data to deliver proactive, whole-health insights. Carelon will connect its businesses through its digital platform, so in situations where BioPlus’ pharmacy team identifies a patient who may need behavioral health support or in-home care services, that team will be able to seamlessly connect that patient to services to address their whole health needs.
The acquisition is subject to customary closing conditions and is expected to close in the first half of 2023. BioPlus is not expected to have a material impact on adjusted earnings per share in 2023.