The Michigan Public School Employees Retirement System Approves Catalyst Rx to Provide PBM Services
December 16 2009 - 9:00AM
Business Wire
Catalyst Rx, the pharmacy benefit management (PBM) subsidiary of
Catalyst Health Solutions, Inc. (NASDAQ: CHSI), announced today
that Michigan’s State Administrative Board has formally approved
Catalyst Rx to provide PBM services for The Michigan Public School
Employees Retirement System beginning January 1, 2010. The awarding
of the business to Catalyst Rx was made pursuant to a competitive
selection process.
“The selection of Catalyst Rx reflects continued success in our
efforts to provide transparent, innovative, and lowest net cost
solutions to manage prescription benefits,” said David T. Blair,
Chief Executive Officer of Catalyst Rx. “We look forward to working
collaboratively to deliver a locally driven approach to managing
pharmacy benefits. Our commitment to a significant service center
in Michigan will be a key driver for these initiatives.”
Catalyst Rx will administer comprehensive pharmacy benefit
programs for approximately 190,000 members, including non-Medicare
and Medicare-eligible retirees and their dependents. The three year
contract, subject to final contract execution, is effective January
1, 2010 and includes four one-year optional renewal periods. The
contract amount for the initial three year term to provide
prescription benefit management services is valued at $1.32
billion.
Management will provide an update to its preliminary 2010
financial guidance in conjunction with the next quarterly
conference call as the Company now expects to reach the higher end
of its 2010 revenue guidance of $3.3 billion to $3.6 billion.
During the call, the Company will discuss the financial impact of
this award and other new client wins including the timing and
extent of anticipated upfront implementation and transition
expenses.
About Catalyst Health Solutions, Inc.
(www.chsi.com)
Catalyst Health Solutions, Inc. is built on strong, innovative
principles in the management of prescription drug benefits and
provides an unbiased, client-centered philosophy resulting in
industry-leading client retention rates. The Company's subsidiaries
include Catalyst Rx, a full-service pharmacy benefit manager
serving more than 6 million lives in the United States and Puerto
Rico; HospiScript Services, LLC, one of the largest providers of
pharmacy benefit management services to the hospice industry; and
Immediate Pharmaceutical Services, Inc., a fully-integrated
prescription mail service facility in Avon Lake, Ohio. The
Company's clients include self-insured employers including state
and local governments, managed care organizations, unions,
hospices, third-party administrators and individuals.
This press release may contain “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995.
These statements involve a number of risks and uncertainties that
might materially affect our results, particularly those risks
referred to in our Annual Report on Form 10-K for the year ended
December 31, 2008 under “Item 1A. Risk Factors.” Readers are urged
to carefully review and consider the various disclosures made in
our Annual Report on Form 10-K and our other filings with the
Securities and Exchange Commission that attempt to advise
interested parties of the risks and uncertainties that may affect
our business. Catalyst Health Solutions, Inc. does not undertake
any obligation to update forward-looking statements, whether as a
result of new information, future events, or other
developments.
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