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Report: UnitedHealth to acquire pharmacy operator Genoa

In a bid to control a specialty channel, UnitedHealth Group Inc. entered into a tentative agreement to acquire specialty pharmacy operator Genoa Healthcare LLC from private equity firm Advent International Corp., Axios reported, citing a source familiar with the deal.

The transaction will reportedly lead to Genoa CEO John Figueroa's departure. Genoa's chief commercial officer, Mark Peterson, is expected to lead the business for UnitedHealth.

Genoa, which has more than 400 pharmacies in community mental health centers, could be worth about $2.5 billion, Bloomberg News wrote in reporting that Advent was shopping the business. Others interested in the pharmacy company include drugstore chain Walgreens Boots Alliance Inc., sources told Bloomberg.

Genoa, UnitedHealth and Advent did not comment on the report.