Plano-based Paragon Healthcare is being acquired by Elevance Health, an Indianapolis-based health insurance company.

Founded in 2002, Paragon is an affiliate of Austin-based Peak Rock Capital. Terms of the acquisition were not released.

“Peak Rock has been an invaluable partner to Paragon and has played a critical role in supporting our ambitious growth plans through investments in the Company’s capabilities and people,” Paragon CEO Anthony Mollica said in a statement. “We’re excited to join Elevance Health and look forward to continuing to support our patients with high quality infusion care. In particular, I would like to thank the entire Paragon organization, without whom we could not have achieved our success to date.”

Paragon specializes in “life-saving and life-giving” infusible and injectable therapies. 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 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,” Pete Haytaian, EVP, Elevance Health and president, Carelon, said in a statement. “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.”

Expanding geographic footprint while boosting therapeutic coverage

The acquisition is expected to close in the first half of 2024.

Paragon has provided infusion services to patients through its omnichannel model of ambulatory infusion centers, home infusion pharmacies, and other specialty pharmacy services for more than 20 years. It provides care to patients with a broad range of chronic and acute conditions.

Paragon Healthcare serves more than 35,000 patients at over 40 ambulatory infusion centers across eight states as well as in patients’ homes. It said the company helps treat more than 300 health conditions with 24/7 on-call support.

Following the acquisition, Elevance Health said it will work to expand Paragon Healthcare’s geographical footprint and operations while boosting its therapeutic coverage. Elevance Health said it will 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 Elevance’s ability to leverage medical and pharmacy data to deliver proactive, whole health insights, the company said.

Get on the list.
Dallas Innovates, every day.

Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.