Elevance Health (NYSE: ELV) today announced that it has entered into an agreement to acquire Paragon Healthcare, Inc., a company specializing in life-saving and life-giving infusible and injectable therapies.
For more than 20 years, Paragon Healthcare has provided infusion services to patients through its omnichannel model of ambulatory infusion centers, home infusion pharmacies, and other specialty pharmacy services. The company, headquartered in Plano, Texas, provides high quality and convenient care to patients with a broad range of chronic and acute conditions.
“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, Elevance Health and President, Carelon. “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.”
Paragon Healthcare serves more than 35,000 patients at over 40 ambulatory infusion centers across 8 states as well as patients’ homes. The company helps treat more than 300 health conditions with 24/7 on-call support. Following the acquisition, Elevance Health will look to expand Paragon Healthcare’s geographical footprint and operations while bolstering its therapeutic coverage. Elevance Health will also remain committed to the company’s leading customer service approach.
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.
After the acquisition closes, Paragon Healthcare will operate as part of CarelonRx, the pharmacy services segment within Carelon, Elevance Health’s health services division.
The acquisition is subject to customary closing conditions and is expected to close in the first half of 2024; it is not expected to have a material impact on adjusted earnings per share in 2024.
About Elevance Health, Inc.
Elevance Health is a lifetime, trusted health partner fueled by its purpose to improve the health of humanity. The company supports consumers, families, and communities across the entire care journey – connecting them to the care, support, and resources they need to lead healthier lives. Elevance Health’s companies serve approximately 117 million people through a diverse portfolio of industry-leading medical, digital, pharmacy, behavioral, clinical, and complex care solutions. For more information, please visit www.elevancehealth.com or follow us @ElevanceHealth on Twitter and Elevance Health on LinkedIn.
About Paragon Healthcare, Inc.
Founded in 2002, Paragon Healthcare, Inc. is a leading provider of infusion services to patients through its network of ambulatory infusion centers, home infusion pharmacies, and other specialty pharmacy services. The company provides high quality, convenient, comfortable, and lower cost care to patients with chronic and acute conditions. Paragon is based in Texas, and operates locations in the following states: Alabama, Colorado, Florida, Georgia, Missouri, Oklahoma, Tennessee and Texas. For more information visit www.paragonhealthcare.com.
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