Centene Corporation Closes Acquisition Of US Script, Inc.
January 04 2006 - 4:59PM
Business Wire
Centene Corporation (NYSE: CNC) today announced that it has closed
its acquisition of US Script, Inc., a privately held pharmacy
benefits manager (PBM) headquartered in Fresno, California. The
transaction is effective as of January 1, 2006. Centene paid
approximately $40 million in cash at closing. The transaction was
funded through a combination of free cash and borrowings under
Centene's $200 million credit facility. Michael F. Neidorff,
Centene's chairman and chief executive officer, stated, "We are
pleased to close this acquisition and expand our specialty company
operations into pharmacy management. Throughout 2006, we will
continue to focus on growing our pharmacy benefit services to third
party clients while internalizing the pharmacy spend and maximizing
cost savings for our existing health plans." About Centene
Corporation Centene Corporation provides multi-line managed care
programs and related services to individuals receiving benefits
under Medicaid, including Supplemental Security Income (SSI) and
the State Children's Health Insurance Program (SCHIP). The Company
operates health plans in Indiana, Kansas, Missouri, New Jersey,
Ohio, Texas and Wisconsin. In addition, the Company contracts with
other healthcare organizations to provide specialty services
including behavioral health, disease management, nurse triage,
pharmacy benefit management and treatment compliance. Information
regarding Centene is available via the Internet at www.centene.com.
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