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Rite Aid, an American drug store chain, has been given the “go ahead” signal by the court for selling its Elixir Solutions pharmacy and services company. It has received the needed approval amid its ongoing restructuring after filing for bankruptcy in the last quarter of 2023.
Rite Aid Corp. is now set to sell its Elixir pharmacy chain to MedImpact Healthcare Systems, Inc. It was reported that the companies agreed to the sale price of $575 million.
Putting Elixir on the Market
As per Reuters, during its bankruptcy, Rite Aid placed its Elixir business in the market and continued to offer it to more than 30 potential buyers. However, it did not find any bidder that offered a higher price than MedImpact.
This information was shared by the company’s lawyer, Ross Fiedler, on Tuesday, Jan. 9, during a bankruptcy court hearing held in Trenton, New Jersey.
The lawyer shared that selling Elixir is a vital aspect of the company’s effort to raise funds and re-direct its focus on its retail pharmacy operations amid the bankruptcy. Fiedler told U.S. Bankruptcy Judge Michael Kaplan that Rite Aid’s sale of Elixir is expected to close within the first quarter of this year.
Positive Impact of Elixir’s Sale
The transaction is still subject to some customary closing conditions like the other sale deals. Until its completion, Elixir will still be part of Rite Aid and continue operating under the company as usual.
In any case, Judge Kaplan approved the sale during the recent hearing. With this decision, Rite Aid is now making considerable progress in its restructuring to achieve long-term success in the market. Moreover, the sale to MedImpact will maximize the value while putting Elixir in a better position to support its clients and customers.
“We are pleased to receive this key approval toward the sale of our Elixir business to MedImpact,” Rite Aid’s chief executive officer and restructuring officer, Jeffrey S. Stein, said in a press release. “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.”
The CEO continued to say, “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.”
Photo by: Rite Aid Press Release
