Camp Hill, PA-based drugstore retailer Rite Aid said Wednesday that it will acquire pharmacy benefit management company Envision Pharmaceutical Services, also known as EnvisionRx, for $2 billion in cash and stock.
The acquisition bolsters Rite Aid’s health and wellness strategy.
EnvisionRx will be run as a wholly owned subsidiary, with CEO Frank Sheehy remaining.
Thanks in part to expanded coverage of more Americans under the Affordable Care Act, drugstore retailers and others with pharmacy services are expanding their range of health care services and products. This acquisition by Rite Aid makes that easier.
“The acquisition of EnvisionRx meaningfully expands our health and wellness offerings, enhancing our ability to provide a higher level of care to the patients and communities we serve,” Rite Aid CEO John T. Standley said in a statement. “With the addition of EnvisionRx, we will create a compelling pharmacy offering across retail, specialty and mail-order channels, enabling us to deliver cost-effective solutions to employers and health plans while driving growth and creating long-term value for our shareholders.”