Premier Inc. (NASDAQ: PINC), a leading healthcare improvement company, is exiting its specialty pharmacy business to enhance the company’s focus on the continuing evolution of its core supply chain, enterprise analytics and performance improvement capabilities.
On May 6, 2019, certain of Premier’s consolidated subsidiaries entered into a definitive asset purchase and sale agreement with ProCare Pharmacy, L.L.C., a subsidiary of CVS Health Corporation, under which Premier will sell certain assets related to its specialty pharmacy business for $22.5 million, plus up to an additional $20.0 million for inventory, each subject to adjustment. The transaction is expected to close in the current quarter ending June 30, 2019. The sale was made in connection with the company’s plans to discontinue its specialty pharmacy operations conducted by both Acro Pharmaceutical Services and Commcare Pharmacy by June 30, 2019. Net proceeds from the transaction will be used primarily to fund costs associated with the transaction and wind down and exit from the specialty pharmacy operations, and for general corporate purposes.