Healthcare Dealflow has identified a pending $892 million investment by Linden Capital Partners in AnewHealth, according to a Massachusetts Health Policy Commission filing dated August 26, 2026. The transaction does not appear to have been announced by either company or otherwise reported publicly.
AnewHealth provides pharmacy care management services to individuals with complex, chronic conditions and the healthcare organizations that serve them. The company was formed in 2023 through the combination of ExactCare Pharmacy and Tabula Rasa HealthCare, and operates under the holding company CPRx Holdco, LP. Its offerings include integrated pharmacy services, pharmacy benefit management, and specialized programs for PACE organizations. Nautic Partners has backed the platform since its initial investment in ExactCare Pharmacy in 2016.
Linden Capital Partners’ investment in AnewHealth follows its August 2026 acquisition of ArtesRx, a specialty pharmacy serving the behavioral health and developmentally disabled communities, from Flexpoint Ford.
Under this latest proposed transaction, which was signed on July 12, 2026, Linden Capital Partners would invest approximately $892.3 million directly into CPRx Holdco in exchange for about 892.3 million Class A Common Units. Following the closing, Linden would own approximately 36.9% of the company.
Three affiliated Nautic funds are also purchasing units in the transaction. Nautic Partners XI LP, Nautic Partners XI-A LP and Nautic Partners Associates Fund LP are expected to invest approximately $150 million in aggregate, representing a combined post-transaction ownership stake of about 6.2%.
Based on the purchase prices disclosed for both the Linden and Nautic investments, which imply a consistent per-unit price, Healthcare Dealflow calculates AnewHealth’s overall valuation at approximately $2.4 billion.
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The parties are targeting October 5, 2026 as the transaction’s effective date.
Regulatory notices are also expected in Oregon and New York. The Oregon Health Authority confirmed to Healthcare Dealflow that Linden and AnewHealth have submitted a request asking the agency to determine whether the transaction falls under Oregon’s Health Care Market Oversight review process. That determination remains under review.
Although AnewHealth does not operate any facilities in Massachusetts, four of its licensed pharmacies ship prescription drugs to residents of the state, which triggered the Massachusetts filing requirement.
The filing also points to another potential change in AnewHealth’s ownership. The company expects to bring in an additional significant equity investor within the next 12 months. A separate regulatory notice is expected once that transaction is finalized.
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