ProCare Pharmacy Benefit Manager (PBM) Inc. on Monday announced that it has entered into an asset purchase agreement to acquire BioScrip Inc.’s PBM business.
"We welcome the BioScrip PBM customers and employees into the ProCare Rx family and look forward to a long and successful partnership,” ProCare Rx Chairman, CEO and Co-Owner Roger Burgess said.
The BioScrip PBM business is a fully integrated pharmacy benefit manager that provides its customers, patients and members cost-effective access to pharmacy products and services delivered through a national network of pharmacy providers.
“We are pleased to announce our agreement to sell our PBM business to ProCare Rx, a company with a long history of providing high-quality PBM services to its clients,” Rick Smith, president and CEO of BioScrip, said. “I am confident that the PBM will continue to thrive under ProCare’s ownership and leadership, and we believe our PBM clients will benefit from ProCare’s expertise and commitment to providing high-quality client service.”
ProCare Rx’s systems are prepared to process the increased volume of prescription claims. Vital BioScrip staff will work with ProCare Rx’s Customer Care Centers to ensure a smooth transition to ProCare Rx.
The PBM transaction is expected to close in the third quarter, subject to customary closing conditions.