OptumRX, UnitedHealth Group’s pharmacy-care services business, and Catamaran Corp., a provider of pharmacy-benefit services and technology solutions, said on Monday that they have agreed to a merger.
“Our board of directors carefully considered a variety of strategic options and unanimously concluded that this combination is clearly in the best interests of our shareholders,” Mark Thierer, chairman and CEO of Catamaran, said. “The creation of a differentiated, channel-agnostic delivery model will provide payers and individuals a broader portfolio of services and a deeper product offering, while aggressively focusing on managing costs."
In the agreement, OptumRx will acquire Catamaran’s outstanding common stock for $61.50 per share in cash. The transaction is expected to close during the final quarter of this year.
After closing, Thierer will serve as CEO at OptumRx, and OptumRx's current CEO, Timothy Wicks, will become president.
“Catamaran’s capabilities are impressive, and their leadership team has delivered the fastest growth in the industry,” Optum CEO Larry Renfro said. “We believe the combination of the two companies will create a unique offering in the industry unparalleled by current participants. Optum’s longstanding business relationship with Catamaran as a technology partner means we operate on the same adjudication platform, simplifying integration and giving us confidence our combined organizations will quickly become an innovative force moving the pharmacy-care services marketplace forward."