Elevance has closed its deal to acquire specialty pharmacy BioPlus, the insurer announced Wednesday, after first announcing the buy in November 2022.
The acquisition builds off the Indianapolis-based insurer’s promise to acquire companies around its health services business, with Elevance CEO Gail Boudreaux announcing at a November industry conference that the insurer planned to grow “very aggressively” into adjacent care services.
Financial terms of the BioPlus deal were not disclosed.
BioPlus focuses on complex and chronic conditions like cancer and multiple sclerosis and has a footprint that “touches all 50 states.” In a statement, the insurer said that the acquisition will help it meet the “specialty drug needs” of its customers, supported by programs across Elevance’s health services business.
With the buy, BioPlus will now operate as a part of the insurer’s pharmacy benefit manager, CarelonRx. The PBM sits beneath the insurer’s health services business Carelon.
Elevance closed the deal with CarepathRx, a portfolio company of middle-market private equity firm Nautic Partners. Previously, CarepathRx purchased BioPlus in 2020. Founded in 2019, CarepathRx provides pharmacy services to more than 20 health systems and 600 hospitals.
In January, Elevance, previously known as Anthem, reported a $6 billion profit in 2022, one day after announcing that it would acquire Blue Cross and Blue Shield of Louisiana for an undisclosed sum. The buy is expected to add 2 million members to its annual membership count of 47.5 million lives.