Scoop: UnitedHealth is buying pharmacy operator Genoa

Health insurer UnitedHealth has at least a tentative agreement to buy specialty pharmacy operator Genoa Health from private equity firm Advent International, Axios has learned from a source familiar with the deal.

Bottom line: UnitedHealth is basically seeking to control a specialty channel by buying Genoa, whose 400 full-service pharmacies are located within community mental health centers.

• We also hear that Genoa CEO John Figueroa will move on, with Genoa chief commercial officer Mark Peterson running the business for UnitedHealth.
• Bloomberg yesterday reported that the sale price could be over $2 billion, but without naming UnitedHealth (instead it reported Walgreens as a possible suitors). No comment from any of the involved parties.
• This is part of a broader trend of pharmacy/health insurer tie-ups, such as CVS buying Aetna.
• No comment from Genoa, UnitedHealth or Advent.