Catalyst Health Solutions Completes Acquisition of FutureScripts, the Pharmacy Benefit Management Company of Independence Blu...
September 13 2010 - 5:00PM
Business Wire
Catalyst Health Solutions, Inc., (NASDAQ:CHSI) and Independence
Blue Cross (IBC) today announced the closing of Catalyst’s
acquisition of IBC’s pharmacy benefit management subsidiaries,
FutureScripts, LLC and FutureScripts Secure, LLC
(FutureScripts).
Catalyst acquired FutureScripts for $225 million in cash, which
includes the value of a future tax benefit for Catalyst based on
the structure of the transaction. As previously announced, Catalyst
will manage IBC’s pharmacy benefits under the terms of a new
10-year PBM services agreement.
“We are looking forward to a collaborative, long-term
relationship with IBC, and delivering integrated health solutions
that improve care while lowering costs,” stated David T. Blair,
Chief Executive Officer of Catalyst.
“Catalyst and IBC have together developed an integration plan
designed to ensure a smooth transition for members, group customers
and associates,” added Joseph A. Frick, president and CEO of
Independence Blue Cross. "We believe this alliance with Catalyst
will provide us with the ability to deliver unique, integrated
health solutions and enhanced value to our members and our
customers."
The transaction has received all required regulatory approvals.
Catalyst funded the acquisition with cash. Jefferies & Company,
Inc., served as financial advisor to Catalyst on the transaction
and Cain Brothers & Company, LLC served as financial advisor to
IBC.
About Catalyst Health Solutions, Inc.
Catalyst Health Solutions, Inc., the fourth largest publicly
traded PBM in the U.S., 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 8
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, state and local governments, managed care
organizations, unions, hospices, third-party administrators and
individuals. Additional information about Catalyst Health Solutions
can be found at www.chsi.com.
About Independence Blue Cross
Independence Blue Cross is a leading health insurer in
southeastern Pennsylvania. Nationwide, Independence Blue Cross and
its affiliates provide coverage to nearly 3.3 million people. For
more than 70 years, Independence Blue Cross has offered
high-quality health care coverage tailored to meet the changing
needs of members, employers, and health care professionals.
Independence Blue Cross' HMO and PPO health care plans have
consistently received the highest ratings from the National
Committee for Quality Assurance. Independence Blue Cross is an
independent licensee of the Blue Cross and Blue Shield Association.
Additional information about Independence Blue Cross can be found
at www.ibx.com.
About FutureScripts
FutureScripts and FutureScripts Secure, independent pharmacy
benefits management companies, headquartered in Philadelphia,
Pennsylvania, help employers and health plans manage rising
prescription drug costs without sacrificing quality coverage.
FutureScripts has built a comprehensive national pharmacy network
of more than 60,000 retail pharmacies, including independent
pharmacies as well as all of the major pharmacy retail chains.
FutureScripts has developed management tools to ensure access to
appropriate prescription drugs, while developing programs and
services designed to help members save time and money.
FutureScripts Secure supports Medicare lines of business.
Additional information about FutureScripts can be found at
www.futurescripts.com
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, 2009, 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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