Elevance Health Inc., the Indianapolis-based health insurer, is beefing up its pharmacy division by buying a Texas company that specializes in medical infusions.
Elevance, formerly known as Anthem Inc., said Thursday it is buying Paragon Healthcare Inc., based in suburban Dallas, for an undisclosed amount.
Paragon serves more than 35,000 patients with a broad range of acute and chronic conditions at more than 40 ambulatory infusion centers across eight southern and western states, as well as in patients’ homes.
The move is designed to bulk up Elevance’s capabilities in specialty pharmacy and infusion services. Elevance said it plans to expand Paragon’s geographical footprint and operations and bolster its therapeutic services.
Paragon, founded in 2002, has been owned since 2020 by private-equity firm Peak Rock Capital. The acquisition by Peak Rock was estimated at between $250 million and $275 million, according to PE Hub, a news and research organization that specializes in tracking private-equity deals.
After the acquisition closes, Paragon Healthcare will operate as part of CarelonRx, the pharmacy services segment within Carelon, Elevance’s health services division.
Elevance said it expects to close the acquisition in the first half of 2024. The deal is not expected to have a material impact on adjusted earnings per share in 2024, the company said.