CVS Health’s ProCare Pharmacy to buy Premier’s specialty pharmacy business

ProCare Pharmacy, a subsidiary of CVS Health has entered an agreement to buy certain assets related to Premier’s specialty pharmacy business for $22.5 million, plus up to an additional $20 million for inventory, each subject to adjustment.

Premier’s specialty pharmacy business currently serves 367 hospitals across 66 health systems. The business consists of Acro Pharmaceutical Services and Commcare Pharmacy, which operate facilities in Philadelphia, Pa. (Acro), Memphis, Tenn. (Acro) and Plantation, Fla. (Commcare).

The transaction is expected to close in the current quarter ending June 30, 2019.

“Looking ahead, the board and management team remain committed to improving outcomes for our member health systems and delivering sustained, profitable growth and value creation,” said Premier CEO Susan DeVore. “We will be available to our current specialty pharmacy customers to help assist a smooth transition. One of the reasons we selected CVS Health, one of the nation’s leading health innovation companies, is because of its strong track record of providing outstanding patient care, and commitment to helping people on their path to better health.”