Elevance Health is acquiring Paragon Healthcare, a Plano, Texas-based company specializing in infusible and injectable drug therapies.
Paragon Healthcare patients will receive medical and pharmacy benefits from Elevance Health subsidiaries and operate within CarelonRx, according to a release.
“The acquisition of Paragon Healthcare will deepen our capabilities around providing affordable, convenient access to specialty medications and best-in-class services for our members living with chronic and complex illnesses,” said Pete Haytaian, executive vice president of Elevance Health and president of Carelon, in a statement. “Together, Elevance Health and Paragon Healthcare will have the ability to provide members with greater choice on the most appropriate site of care options, such as ambulatory or in-home locations, which will remove barriers to care and better support members’ whole health.”
Elevance Health said it will look to "expand Paragon's Healthcare geographical footprint" once the acquisition is finalized. The deal is expected to close in the first half of this year.
Founded in 2002, Paragon Healthcare has more than 40 ambulatory infusion centers across eight states. The company treats more than 300 health conditions for over 35,000 patients.
"Once integrated, Paragon Healthcare patients who receive both medical and pharmacy benefits from Elevance Health’s subsidiaries will benefit from the company’s ability to leverage medical and pharmacy data to deliver proactive, whole health insights," said Paul Marchetti, president of CarelonRx, in a Linkedin post. "Patients who may need behavioral health support or in-home care services, for example, will be seamlessly connected to services to address their whole health needs."
Elevance Health is in the center of many acquisition talks. It's rumored Elevance Health has gone toe-to-toe with Health Care Service Corp. to scoop up Cigna's much-desired Medicare Advantage business.
The insurer and Blue Cross and Blue Shield of Louisiana have also renewed efforts on a $2.5 billion merger after state regulators initially threw cold water on the idea.