Elevance Health to Acquire BioPlus Specialty Pharmacy

Elevance Health (Elevance) 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.

Elevance, after posting strong third quarter 2022 financial results, is looking to build on IngenioRx’s strong results. IngenioRx’s third quarter 2022 revenue increased to $7.2 billion from $6.5 billion a year earlier. Nine month revenue increased to $21 billion from $18.6 billion a year earlier.

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.

IngenioRx’s integrated whole health value proposition is driving growth for the business especially in the middle and downmarket. IngenioRx is also focused on up-selling additional products and services including specialty condition management programs, digital adherence programs, and cost relief programs.

After the acquisition closes, the specialty pharmacy will operate as part of IngenioRx. 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.

Takeaway: Elevance is looking to gain a stronger foothold in the specialty pharmacy market, and BioPlus’s products and services will strengthen IngenioRx’s offerings