Health insurance company Elevance Health has agreed to acquire infusible and injectable therapies provider Paragon Healthcare for an undisclosed sum.

Paragon, headquartered in Plano, Texas, offers convenient, comfortable, and lower-cost care to patients with a broad range of chronic and acute conditions.

The company has been providing infusion services to patients via its omnichannel model of ambulatory infusion centres, home infusion pharmacies, and other speciality pharmacy services for over 20 years.

The acquisition is expected to advance whole health by improving Elevance’s capabilities in multi-site infusion services and speciality pharmacy.

Elevance Health plans to increase Paragon Healthcare’s operations, geographic reach and therapeutic coverage after the acquisition.

After integration, Paragon’s patients who get both medical and pharmacy benefits from Elevance Health’s subsidiaries will benefit from the company’s ability to leverage medical and pharmacy data to provide proactive, comprehensive health insights.

Following the acquisition’s completion, the infusion provider will operate as part of CarelonRx, which is the pharmacy services division within Carelon, Elevance Health’s health services arm.

Elevance Health executive vice president Pete Haytaian said: “The acquisition of Paragon Healthcare will deepen our capabilities around providing affordable, convenient access to speciality medications and best-in-class services for our members living with chronic and complex illnesses.

“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.”

The deal is expected to close in the first half of 2024, subject to customary closing conditions.

The acquisition is unlikely to have a material impact on Elevance’s 2024 adjusted profit, according to the insurer.

In 2023, the health insurance firm closed the acquisition of BioPlus, a speciality pharmacy.