Rite Aid Gets Court OK To Sell Elixir Solutions Business

Rite Aid Corporation has received approval from the U.S. Bankruptcy Court for the District of New Jersey for the sale of the company’s Elixir Solutions Business to MedImpact Healthcare Systems, Inc. (MedImpact), an independent pharmacy benefit solutions company.

“We are pleased to receive this key approval toward the sale of our Elixir business to MedImpact,” said Jeffrey S. Stein, Rite Aid’s CEO and chief restructuring officer. “We are confident the transaction with MedImpact maximizes the value of the business and best positions Elixir to support clients, members and customers long into the future. We are grateful to the Elixir team for their hard work and dedication throughout this process.”

Stein continued, “We are continuing to make progress with our court-supervised process and are moving forward with our Rite Aid 2.0 Plan. We remain focused on providing leading healthcare products and services to the customers that we serve every day.”

The transaction is subject to certain customary closing conditions and is expected to close in the first quarter of 2024. Until closing, Elixir remains part of Rite Aid and will continue operating as normal.