OneroRx, Inc., a leader in integrated pharmacy services to patients in underserved markets through its hub and spoke pharmacy and telepharmacy operations, announced today that it has completed a transformative acquisition that substantially increases the scope and scale of its business. The transaction involves the acquisition of GRX Holdings, a leading pharmacy operator in central Iowa and represents a major expansion in the State of Iowa, where OneroRx company is headquartered.
Founded in 1982 and based in Des Moines, Iowa, GRX Holdings, LLC is the parent company and owner of 22 pharmacy locations in Iowa. Through its Medicap Pharmacy, Medicap Pharmacy LTC, Wright Pharmacy and Midwest Compounding brands, GRX is distinguished for its commitment to providing expert, personalized health care. In addition to filling prescriptions, the company’s locations specialize in providing immunizations, health screenings and diabetes education. Additionally, GRX partners with long- term care facilities to provide medications for residential care customers and operates a compounding pharmacy. Over the past twelve months, GRX Holdings served more than 85,000 active patients, dispensing nearly 1.2 million prescriptions and holds a 5-star pharmacy care rating.
“We are very pleased to acquire GRX Holdings and we welcome their talented pharmacy staff to OneroRX,” said Joseph R. Dunham, President and CEO of OneroRx. “This transaction is compelling for OneroRX, substantially expanding the size and scale of our pharmacy and telepharmacy networks in Iowa, while providing a unique opportunity for future expansion within the state through our hub-and-spoke model. The acquisition of this Medicap Pharmacy franchise advances our strategy of acquiring established, well-managed pharmacies that provide essential services to patients in underserved communities in the Midwest. With the acquisition of GRX Holdings, OneroRX now operates 30 pharmacies and telepharmacies in Iowa, Wisconsin and Illinois, serving over 120,000 patients annually.”
“We are delighted to join OneroRX,” said Greg Johansen, President of GRX Holdings. “This is an outstanding combination that brings together two companies with an unparalleled commitment to providing the highest standards of pharmacy patient care. As part of OneroRX, we can build on our nearly 40 years of growth serving pharmacy customers throughout Iowa.”
OneroRx is a leading regional provider of pharmacy and telepharmacy services, pharmaceutical products, supplements and medical supplies to patients in underserved communities.
The M&A market for healthcare companies continues to strengthen in 2021 and ahead of the projected increases in US capital gains taxes. There is unprecedented capital in market, the lowest interest rates in US history and strong acquirer motivations for high quality healthcare companies. Across the continuum of care, buyers and investors are looking for well established, profitable businesses and offering strong valuations and options for management.
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