News Briefs: Rite Aid Is Poised to Auction Off ‘Elixir’ PBM
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Dec 14, 2023
Rite Aid Corp. has delayed the auction of its PBM, Elixir Rx Solutions, as part of its Chapter 11 bankruptcy filing. According to a court filing, the auction was moved from Nov. 20 to Dec. 21 following a Nov. 21 hearing held by the District of New Jersey U.S. Bankruptcy Court. Rite Aid filed for bankruptcy on Oct. 15, at which time MedImpact Healthcare Systems presented a $575 million “stalking horse” offer for the company’s PBM — meaning an initial bid on a bankrupt company's assets from an interested buyer that aims to avoid low bids in a court auction. Under the newly revised schedule, competitive bids for Elixir must be received by Dec. 18 ahead of the Dec. 21 auction — which is the same date as the auction being held for Rite Aid’s retail stores. Read more
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