Rite Aid buys PBM EnvisionRx for $2B

Rite Aid has decided to purchase pharmacy-benefit manager (PBM) Envision Pharmaceutical Services, also known as EnvisionRx, for roughly $2 billion, the Wall Street Journal reported Wednesday. The deal is expected to help Rite Aid compete with pharmacy retailers like CVS, which purchased the PBM Caremark Rx in 2006 for $21 billion. EnvisionRx has projected annual revenue of $5 billion, according to The New York Times. EnvisionRx's chief executive Frank Sheeny is expected to run the PBM as a subsidiary of Rite Aid.

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