Abarca Health and LucyRx Announce Strategic Combination to Create the Only Modern PBM Built for Commercial and Government Scale

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. Employers, consumers, and healthcare providers deserve a better experience.

"Leveraging our combined scale, technology, and track record, we will accelerate the healthcare revolution Abarca started more than 20 years ago," said David Blair, Chief Executive Officer of LucyRx. "Together, we will deliver a trusted operating foundation, tailored customer experiences powered by best-in-class technology, and total-cost-of-care savings anchored in putting patients first."

Underpinning the strategic combination is Abarca's Darwin Healthcare Intelligence platform – purpose built for diverse and evolving payer needs and critical for coordinating better care, lowering benefit and administrative costs, and empowering choice for clients and members.

"LucyRx shares our vision of making healthcare more seamless and personalized for everyone," said Jason Borschow, Chief Executive Officer of Abarca Health. "We look forward to leveraging LucyRx's clinical capabilities, Connected Specialty Care Network, and expertise serving employers and labor groups nationwide to deepen our service offerings and accelerate our entry into new market segments."

Continuity remains the top priority. Clients and members will experience no disruption as day-to-day execution continues with the same teams, standards, responsiveness, and account relationships continuing as they do today. Both brands will remain in place, and at closing, operate as wholly owned subsidiaries of Healthcare Revolution Partners. Each company will remain focused on its core markets. LucyRx will continue to build on its strengths serving employers and TPAs, and Abarca will continue to lead in health plans and government programs. Leadership will remain unchanged, with Blair and Borschow continuing to serve as CEOs of their respective companies and joining Healthcare Revolution Partners as Co-Chairs at closing. 

Healthcare Revolution Partners will be a mission-led union of like-minded organizations working to accelerate a better way in prescription care and revolutionize the broader healthcare experience. The combined entity will bring to the market a unique combination of industry-leading technology, decades of operating expertise, and an unstoppable commitment to deliver a better experience at scale.

"We are united by the belief that, by working together, we will make healthcare seamless and personalized for everyone," concluded Blair and Borschow.

The transaction is subject to regulatory approvals and customary closing conditions. The parties remain independently owned and operated until the transaction closes, which is expected in the third quarter of 2026. 

For more information, visit acceleratetherevolution.com.

About Abarca Health

At Abarca, we see a future in which healthcare is seamless and personalized, and we are working every day to make it a reality for the people and organizations we serve. We are starting with prescriptions, the frontline of healthcare. But, leveraging our smarter technology, straightforward approach to business, and a team that is driven to innovate and find a better way in everything we do, we are enabling a broader healthcare revolution. Learn more at abarcahealth.com

About LucyRx

LucyRx is a fast-scaling, independent, next-generation pharmacy benefit manager (PBM) redefining prescription care. Fueled by its nationally recognized clinical capabilities and proprietary platform, LucyIQ™, the company provides real-time insights that support evidence-based clinical decisions, clear pricing, and exceptional service from U.S.-based certified pharmacy technicians. Partnering with more than 60,000 pharmacies, LucyRx serves more than 4,000 clients nationwide. This is prescription care, brilliantly reimagined. Visit lucyrx.com for more information.

Advisors

Morgan Stanley & Co. LLC is serving as financial advisor to Abarca Health. Pietrantoni Mendez & Alvarez, LLC is serving as lead legal counsel, and Axinn Veltrop & Harkrider LLP is serving as regulatory counsel to Abarca Health.

Great Meadows Management, LLC is serving as lead financial advisor to LucyRx. Kirkland & Ellis, LLP and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. are serving as legal counsel to LucyRx.

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SOURCE LucyRx; Abarca Health