Rite Aid Receives Court Approval for $575 Million Elixir Sale

Pharmacy chain Rite Aid Corp on Tuesday received bankruptcy court approval to sell its Elixir pharmacy benefit manager business for $575 million.

Rite Aid filed for bankruptcy in October with an agreement to sell the Elixir business to pharmacy benefit manager (PBM) MedImpact Healthcare Systems for that price.

The company continued to shop Elixir to more than 30 potential buyers during its bankruptcy, but no bidder offered a higher price than MedImpact’s initial offer, Rite Aid attorney Ross Fiedler said on Tuesday at a bankruptcy court hearing in Trenton, New Jersey.

Read the source article at Yahoo Finance