Blue Ox Healthcare Partners has acquired a 30 percent stake in RX Solutions LLC, which helps lower-income people gain access to fixed and/or reduced cost prescription drugs. No financial terms were disclosed.
NEW YORK, February 6, 2018 /PRNewswire/ –Blue Ox Healthcare Partners, LLC, a specialized private equity firm investing growth capital in the healthcare industry, has taken a 30% stake in RX Solutions, LLC.
The business of RX Solutions is to enable consumers to gain access to fixed and/or reduced cost prescription drugs. RX Solutions serves consumers in the US who have an income in the 200-400% range of the Federal Poverty Level.
RX Solutions serves consumers by identifying Prescription Assistance Programs (“PAPs”) specific to their medication needs and then follows them throughout the process to secure the subsidies and medications. RX Solutions facilitates the enrollment for these programs and acts as a liaison between the consumer and pharmaceutical companies. In addition to serving individuals, the enterprise provides employers, healthcare providers, brokers, and agents the ability to help patients to afford their medication treatments.
Blue Ox structured the deal to create RX Solutions to assume the main business operations of The Rx Helper, LLC. RX Helper was founded in 2012 by Bobby Hallock and Andrew Strange. RX Solutions will be the consumer origination, enrollment and marketing business for the overall enterprise. As part of the deal, Blue Ox will provide strategic guidance and resources from within its investment portfolio to generate cross-pollination of customers. The founders of The Rx Helper are pursuing this transformative transaction of additional capital and resources to facilitate an effective strategic growth plan that otherwise would be difficult.
Andrew Strange, CEO of RX Solutions, said, “Our total number of active customers at the end of 2017 was just under 6,000, an 80% increase over 2016 and we believe we are positioned for even more significant growth. In partnering with Blue Ox to create RX Solutions, we focused our core business lines and gained the investment required to further grow the business with an extremely attractive future ahead.”
“This business plays an extremely important social role,” said Oded Levy, Managing Partner of Blue Ox. “It allows poor and low-income patients to access needed medications that they otherwise would not have. It is exactly the kind of business we love to build and we are proud to partner with such an innovative team for an important cause.”
Blue Ox Healthcare Partners, LLC is a specialized private equity firm investing in middle market growth-stage companies in the healthcare sector, with an emphasis on healthcare services, HCIT, and medical and life sciences technologies. The Blue Ox team has extensive expertise in building and exiting profitable, sustainable healthcare businesses, and Blue Ox’s platform provides its investors with the best features of direct investing and traditional private equity management. For more information, please visit www.blueoxhcp.com or contact [email protected]