Catamaran Corp., an Illinois-based provider of pharmacy benefit management services and technology, on Thursday said it would acquire Healthcare Solutions for $405 million in cash.
The agreement will boost Catamaran’s presence in the workers’ compensation market, CEO and Chairman Mark Thierer said in a statement.
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Healthcare Solutions is a pharmacy benefit manager that services the workers' compensation market.
As the processors and payers of prescription drug claims, PBMs have the size and clout to pressure pharmaceutical companies and pharmacies for lower costs.
In February, Rite Aid acquired EnvisionRX for $2 billion, in a move to rival CVS in pharmaceutical benefits management. CVS Health Corp. bought PBM Caremark Rx Inc. in 2006.
The deal is expected to close in the second quarter of 2015, with Healthcare Solutions fully integrated in 12- to 18-months post-closing, according to Catamaran.
“The acquisition of Healthcare Solutions provides a complementary business platform to further expand our strong presence in the workers’ compensation market,” Thierer said.
Sidley Austin LLP represented Catamaran, with Chicago lawyers Gary Gerstman, Mike Heinz, and Jonathan Blackburn leading the acquisition.