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.