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Rite Aid Completes Sale of Elixir Solutions
The sale, valued at about $576.5 million, is part of Rite Aid’s restructuring plan after filing for bankruptcy in October 2023.
Rite Aid has finalized the sale of its Elixir Solutions business to MedImpact Healthcare Systems for about $576.5 million.
Elixir Solutions is a PBM that began in 1999 as MedTrakRx, which merged with EnvisionRx in 2014 and then became a subsidiary of Rite Aid in 2015. Elixir Solutions provides pharmacy benefit management, mail order and specialty pharmacies, and provide prescription benefits to group and individual Medicare plans. MedImpact is a PBM that serves health plans, self-funded employers and government programs and serves about 55 million people.
In October 2023, Rite Aid filed for Chapter 11 bankruptcy and announced that it had reached an agreement with its creditors. Selling the PBM division Elixir Solutions to MedImpact is part of Rite Aid’s restructuring plan that aims to reduce debt. Elixir Insurance, however, is not included in the Chapter 11 process. Rite Aid has also received a commitment for $3.45 billion in new financing from its lenders.
FDA Issues Complete Response Letter for Pz-Cel to Treat Epidermolysis Bullosa
April 22nd 2024Prademagene zamikeracel is a cell therapy designed to incorporate the functional collagen-producing COL7A1 gene into a patient’s own skin cells. The FDA is asking for additional information on manufacturing practices.
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FDA Approves Stelara Biosimilar, Selarsdi
April 18th 2024Alvotech’s Selarsdi (ustekinumab-aekn), a biosimilar referencing Stelara (ustekinumab), gained FDA approval, making it the second ustekinumab biosimilar and second for the company to be given the green light for the American market.
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