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Pharmacy benefit manager Catamaran Corp. on Thursday said it has agreed to acquire competitor Healthcare Solutions Inc. for $405 million in cash.
Schaumburg, Illinois-based Catamaran, the nation's fourth-largest PBM based on prescription volume, handles pharmacy benefits for group health and workers compensation plans, while Duluth, Georgia-based Healthcare Solutions specializes in workers comp and auto liability claims. The acquisition is expected to close in the second quarter of 2015, Catamaran said in a statement.
“The acquisition of Healthcare Solutions provides a complementary business platform to further expand our strong presence in the workers compensation market,” Catamaran Chairman and CEO Mark Thierer said in the statement. “In addition, Healthcare Solutions' long-standing and established relationships with insurance carriers and (third-party administrators) provide an opportunity to bring Catamaran's full suite of technology and services to Healthcare Solutions' clients.”
Catamaran was formed in 2012 when Lisle, Illinois-based SXC Health Solutions Corp. bought Rockville, Maryland-based Catalyst Health Solutions Inc. for $4.4 billion and merged under the Catamaran banner. The company reported $21.6 billion in revenue for 2014, up 46% from 2013 revenues.
(Reuters) — CVS Health on Monday warned that costs of a potent new class of cholesterol treatments and other specialty drugs in development could eclipse those of expensive new medicines and overwhelm the health care system “if rigid cost control mechanisms are not put in place.”