TL;DR: Rightway, a transparent PBM model, raised a $155m Series E led by Francisco Partners at a reported $1.75b valuation. ~10% of the F500 as customers is impressive, but the Big 3 are still processing 80% of claims which is a durable source of leverage for price concessions from pharma manufacturers.
What’s happened Rightway raised $155 million in Series E funding led by Francisco Partners, with existing investors Thrive Capital and Khosla Ventures participating. Forge places the company’s post-money valuation at $1.75 billion, 184% above its Series D valuation in 2024. Bloomberg reports that Rightway is weighing an IPO within roughly four years, though it has not announced a timeline.
Fee-based, transparent model: Rightway charges clients a set administrative fee per member, passes through 100% of rebate, and earns no spread or dispensing revenue, nor does it own a pharmacy. This transparent business model is getting foisted on the rest of the PBM industry, including the Big 3, after the passage of the Consolidated Appropriations Act earlier this year which included PBM reforms. At the state level, the vertically integrated PBM and pharmacy model of the Big 3 is also coming under scrutiny with two states passing laws to force the divestiture of pharmacies from PBMs.
Early traction: Rightway reports 45 of the Fortune 500 companies, including three with market capitalizations above $1 trillion. CEO Jordan Feldman told Bloomberg that all 45 had previously used one of the Big 3 PBMs. This tracks with some early and limited signs HTN noted in the 2026 Pulse of the Purchaser Survey from the National Alliance of Healthcare Purchaser Coalitions.
HTN’s View: CVS Caremark, Express Scripts, and Optum Rx processed 80% of equivalent U.S. prescription claims in 2025. Rightway’s reported switches don’t indicate the amount of prescription claim volume that has shifted which is part of the Big 3’s strength in negotiating deals with pharma companies. HTN will be tracking commentary in investor days and earnings calls from Cigna, CVS Health, and UnitedHealth Group for clues that point to this being an emerging trend or a more limited phenomenon.
