Today’s No Foolin’ issue of WorkCompRecap features some mega M&A news as Pharmacy Benefit Managers Catamaran and OptumRx (UnitedHealth Group’s freestanding PBM) announce that they have entered into an agreement to combine. Notably Catamaran also made WCW news recently in February with the announcement of its acquisition of Healthcare Solutions.
The latest agreement calls for the acquisition of Catamaran’s outstanding common stock for $61.50 per share in cash (a premium of 27% over Friday’s closing price), bringing the value of the transaction to roughly $12.8 billion. The deal is still subject to shareholder and regulatory approval, but is expected to close in Q4. The newly combined entity is expected to handle roughly 1 billion annual scripts (40% Catamaran/60% OptumRx).
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