Elevance Health has added specialty pharmacy BioPlus to its portfolio of businesses, the health insurer announced Wednesday.
Elevance Health purchased BioPlus from CarepathRx, a private equity owned company that provides pharmacy services to hospitals, according to a news release. The company announced the transaction in November.
BioPlus will operate as part of CarelonRx, Elevance Health’s pharmacy benefit manager. Elevance Health declined to disclose the acquisition cost.
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, according to Elevance Health. The for-profit Blue Cross and Blue Shield carrier plans to expand BioPlus’ offerings to include more complex disease treatment areas.
“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,” Carelon President Pete Haytaian said in the news release.
Elevance Health recently generated $2.57 billion in debt, excluding underwriting discounts and offering expenses, according to a Securities and Exchange Commission filing submitted last week. The company intends to use the proceeds for acquisitions, debt repayments and share repurchases, it notified regulators.
Last month, Elevance Health announced plans to acquire Blue Cross and Blue Shield of Louisiana for an undisclosed price.