SAN FRANCISCO--(BUSINESS WIRE)--SmithRx has entered into an agreement to acquire WhiteWell Rx, a privately held Pharmacy Benefits Manager, headquartered in Long Island, New York. WhiteWell Rx currently provides prescription drug management services for employer-based drug plans through a network of more than 65,000 retail, specialty and mail order pharmacies. Major customers include self-insured employers and third-party administrators.
Under the leadership of its founder, Marc A. Bauman, together with Director of Business Development, Hesky Assaf, WhiteWell Rx has successfully developed material business relationships with strategic partners in the commercial market while building a deep customer channel. SmithRx has additionally identified unique product opportunities that will serve as avenues for strategic expansion following this acquisition.
“Both SmithRx and WhiteWell provide transparency and an alternative path forward in an environment where pharmacy costs have been exposed, and traditional PBMs have been profiting by keeping customers in the dark,” said Jake Frenz, founder and CEO of SmithRx. “Health benefits brokers, consultants, and plan sponsors are turning to trusted pharmacy benefit partners that help guide their clients to make intelligent, informed decisions.”
Marc A. Bauman will join SmithRx as Executive Counsel, stating “the ethos of both companies fosters a commitment to aligning our position with the interests of our clients and to placing the plan members in the forefront of our decision making process. I am excited to join the SmithRx team and confidently anticipate continued growth together.”
Financial terms of the acquisition have not been disclosed.
SmithRx is a Pharmacy Benefit Manager focused on transparency, efficiency and data analytics. The proprietary technology infrastructure provides real-time actionable insights that drives cost savings, powers clinical services and results in a brilliant member experience. These tools exist nowhere in the pharmacy benefit ecosystem and programmatically solve widespread deficiencies. The result is a PBM delivering unmatched service quality and operational efficiencies that exceeds all industry standards.