Discount Drug Mart exits PBM business

ROCKVILLE, Md. HealthExtras, a pharmacy benefit management company, on Tuesday announced the acquisition of the PBM Immediate Pharmaceutical Services from Discount Drug Mart for $40 million.

“The acquisition of IPS is the culmination of a comprehensive evaluation of a number of mail service pharmacies,” stated David Blair, HealthExtras chief executive officer. “While there were several potential acquisition candidates, the quality and efficiencies of IPS, coupled with the scalability of its operations, makes it a superb platform for building our mail service capability.”

IPS operates a state-of-the-art prescription mail service fulfillment center located in Avon Lake, Ohio, a western suburb of Cleveland.