Pharmacy benefit managers Abarca Health and LucyRx are merging, the companies said in a June 17 news release.
Together, the organizations will reach 9 million members. The companies will operate as subsidiaries under Healthcare Revolution Partners. The news release said clients and members will not experience disruptions due to the merger.
The transaction is expected to close in the third quarter of 2026.
“The timing is intentional. The PBM market is at a breaking point shaped by a new regulatory paradigm, sustained pressure from high-cost specialty drugs and GLP-1s, and clients demanding a different kind of PBM relationship — one that delivers more flexibility, true accountability and sustainable affordability,” the joint news release said.
The PBM space has historically been dominated by the “Big 3,” all with insurer ties: CVS Caremark, Cigna’s Express Scripts and UnitedHealth Group’s Optum Rx. However, reforms have been rampant — and often met with PBM pushback — and there has been more purchaser interest in transparent models.
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