NEW YORK (TheStreet) -- Shares of Rite Aid (RAD) are are surging about 10% Wednesday after the company announced the acquisition of Envison Pharmaceuticals, a pharmacy benefits manager, for about $2 billion in cash and stock. 

The company is "mimicking" CVS Health (CVS) , TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. 

Rite Aid now joins CVS Health and Walgreens Boots Alliance (WBA) to create the "Big Three" in the pharmacy space, he also said. 

RAD Chart

Rite-Aid RAD data by YCharts

Following the acquisition announcement, Cramer says Rite Aid is no longer a turnaround story. Instead, it's now a growth story. 

Perhaps the company should consider taking tobacco out of its stores, like CVS Health did as the latter is transitioning into becoming more of a health care company, Cramer said. 

Shares of Rite Aid are likely to take out their previous 52-week high of $8.62, as management continues delivering solid results, Cramer added. 

-- Written by Bret Kenwell

Follow @BretKenwell

At the time of publication, Cramer's Action Alerts PLUS was long WBA.