Cardinal Health's Outcomes™ business will
combine with Transaction Data Systems to offer improved patient
engagement and clinical pharmacy solutions, expanding connections
between payers and pharma to its nationwide pharmacy
network
DUBLIN,
Ohio, June 5, 2023 /PRNewswire/ -- Cardinal
Health (NYSE: CAH) today announced it has signed a definitive
agreement to contribute its Outcomes™ business to Transaction Data
Systems (TDS), a portfolio company of BlackRock Long Term Private
Capital and GTCR, in exchange for a minority stake in the combined
entity. Under the terms of the agreement, Cardinal Health's
pharmaceutical segment CEO, Debbie
Weitzman, will be appointed to the TDS board of
directors.
The transaction will create a broad, integrated offering of
pharmacy workflow software with patient engagement and clinical
solutions to serve the patient, pharmacy, payer, and pharmaceutical
company ecosystem, including one of the nation's largest networks
of 40,000 retail, chain and grocery pharmacies.
TDS's existing portfolio of clinical pharmacy solutions includes
the Rx30 and Computer-Rx pharmacy management systems and
PrescribeWellness, its patient communication-pharmacy enablement
application. Through its OutcomesOne™ platform, Outcomes offers a
portfolio of patient engagement, clinical care, workflow, and
financial solutions.
The combined organization will expand upon TDS's existing
solutions for delivering clinical care, medication therapy
management and diversifying pharmacy revenue streams by adding
Outcomes' digital capabilities for patient engagement, virtual
verification, order grouping, pill counting, and financial
insights. Together, TDS and Outcomes will create additional
opportunities for pharmacists to participate in sponsored clinical
interventions and better access for payors and pharmaceutical
companies to drive better care and outcomes for patients.
"This is an exciting new chapter for our Outcomes business,
reflecting our continued commitment to pharmacies as trusted,
community healthcare destinations," said Debbie Weitzman, CEO of Cardinal Health's
pharmaceutical segment. "Bringing together the powerful connections
and unified platform of Outcomes with TDS's best-in-class pharmacy
management solutions will enable pharmacies to offer an elevated
level of personal care for their patients, operate more effectively
and achieve even better clinical and financial results."
"Adding Outcomes to TDS's platform represents a major milestone
for optimizing care delivery and maximizing clinical reimbursement
in the pharmacy," said Jude
Dieterman, CEO of Transaction Data Systems. "Together we can
drive more meaningful connections with payers and pharma companies
to improve adherence and health outcomes through streamlined
programs in pharmacy workflow directly at the point of care."
The transaction is anticipated to close, subject to customary
closing conditions and the expiration or termination of regulatory
periods, in the third calendar quarter of 2023. Jones Day is serving as legal advisor to
Cardinal Health. SVB Securities is acting as financial advisor and
Simpson Thacher & Bartlett LLP is serving as legal advisor to
Transaction Data Systems.
About Cardinal Health
Cardinal Health is a distributor of pharmaceuticals, a global
manufacturer and distributor of medical and laboratory products,
and a provider of performance and data solutions for health care
facilities. With more than 50 years in business, operations in more
than 30 countries and approximately 46,500 employees globally,
Cardinal Health is essential to care. Information about Cardinal
Health is available at cardinalhealth.com.
About Transaction Data Systems
For over 45 years, TDS has been dedicated to the success of the
pharmacy market and pharmacy supply chain. With its portfolio of
products and services including Rx30, Computer-Rx, and
PrescribeWellness, TDS provides innovative patient-centric
technology solutions and pharmacy management systems to the
pharmacy industry. We proudly support one of the largest install
base of independent pharmacies in the industry with systems in all
50 states and the Virgin Islands.
TDS is a leading provider of pharmacy-focused, patient-centric
solutions. For more information, please
visit tdsclinical.com.
About BlackRock LTPC
BlackRock LTPC is an innovative private equity strategy focused on
investing in high-quality businesses and value creation through
active collaboration with management teams. The strategy's flexible
duration and prudent approach to leverage preserve optionality for
growth and help enable compounded capital appreciation. LTPC's team
of 21 professionals are based in New
York and London and invest
across North America and
Western Europe. LTPC is backed by
BlackRock, Inc., which manages $320
billion in alternative investments and commitments on behalf
of clients worldwide as of March 31,
2023. For additional information on BlackRock, please
visit www.blackrock.com/corporate.
About GTCR
Founded in 1980, GTCR is a leading private
equity firm that pioneered The Leaders Strategy™ – finding and
partnering with management leaders in core domains to identify,
acquire and build market-leading companies through organic growth
and strategic acquisitions. GTCR is focused on investing in
transformative growth in companies in the Business & Consumer
Services, Financial Services & Technology, Healthcare and
Technology, Media & Telecommunications sectors. Since its
inception, GTCR has invested more than $24
billion in over 270 companies, and the firm currently
manages more than $35 billion in
equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more
information, please visit www.gtcr.com.
Contacts
Cardinal Health
Media: Erich Timmerman -
erich.timmerman@cardinalhealth.com, 614.757.8231
Investors: Kevin Moran -
kevin.moran@cardinalhealth.com, 614.757.7942
BlackRock: Christopher Beattie,
christopher.beattie@blackrock.com, 646.231.8518
Transaction Data Systems: Tycene
Fritcher, tfritcher@tdsclinical.com, 813.786.1136
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SOURCE Cardinal Health