Rite Aid is selling its Elixir pharmacy benefit management (PBM) company to another PBM, MedImpact Healthcare Systems for $575 million, the drugstore chain said yesterday, Forbes.com reported. Rite Aid, which filed for bankruptcy protection in October, said the U.S. Bankruptcy Court for the District of New Jersey approved the sale of the drugstore chain’s Elixir Solutions Business, which Rite Aid executives once described as the company’s “crown jewel.” MedImpact was the apparent winning bidder in an auction for Elixir, according to earlier reports. It’s the latest effort by Rite Aid to restructure the drugstore chain, which has already closed about 200 stores since its filing for chapter 11 protection with potentially more retail locations to close in coming weeks and months. The deal could move MedImpact into the nation’s top five PBMs, according to market share. In 2022, MedImpact was the sixth-largest PBM in the U.S. with 4% market share, according to Drug Channels.
