OptumRx, Catamaran Complete Combination
July 23 2015 - 4:30PM
Business Wire
Combined company creates a new competitive
force that will provide a connected, personalized pharmacy care
experience for more than 65 million Americans
OptumRx’s scale and unique capabilities will
help consumers and clients manage the cost and treatment challenges
of pharmaceuticals
Optum announced the completion of its combination with Catamaran
Corporation (NASDAQ: CTRX) (TSX: CCT). Catamaran and Optum’s
pharmacy care services business, OptumRx, are expected to serve the
needs of more than 65 million people and fulfill more than one
billion prescriptions in 2015.
The combination of Catamaran and OptumRx, which will operate as
OptumRx, offers scaled, innovative pharmacy care services driving
unmatched value to clients and consumers. OptumRx’s synchronized
health care experience goes well beyond traditional pharmacy
benefits management (PBM) by integrating Optum’s data and analytics
and connecting pharmacy care with a person’s overall health
benefits and care management. This provides a complete care
solution for consumers and promotes collaboration among pharmacists
and care providers. The result is better health outcomes and cost
savings as people consistently get the right medications, care and
guidance at the right time. As consumers, employers and payers
increasingly need to access costly specialty pharmaceuticals, these
synchronization capabilities set OptumRx apart in the
marketplace.
“We are pleased to welcome the talented Catamaran team to
OptumRx, and together we look forward to bringing uniquely
powerful, combined pharmacy care service offerings to the
marketplace,” said Larry Renfro, chief executive officer of
Optum. “OptumRx is now exceptionally well-positioned to support and
connect pharmacists, care providers, payers and patients in
achieving the shared goals of improved health outcomes, better
consumer experiences and lower costs.”
“OptumRx now has the expertise, scale, resources and innovative
spirit to be the most valued, consumer-focused pharmacy care
services partner in a rapidly changing health care system,”
said Mark Thierer, chief executive officer of OptumRx and
former chairman and chief executive officer of Catamaran. “In
addition to the consumer service enhancements and cost management
opportunities this combination makes possible, OptumRx’s longtime
business relationship and shared technology with Catamaran greatly
simplifies the integration now underway. Our clients, partners and
members can expect stability and a smooth transition.”
Under the terms of the agreement, all of the shares of Catamaran
were acquired for $61.50 per share in cash, with all shares of
Catamaran expected to be delisted from the NASDAQ effective as of
close of trading today and from the Toronto Stock Exchange (TSX)
shortly.
In connection with the completion of the acquisition, Catamaran
repaid in full and terminated its existing credit facility. On July
23, 2015, Catamaran also delivered an irrevocable notice of
redemption to holders of all of its outstanding 4.75% Senior Notes
due 2021 (the “Notes”) and irrevocably deposited with the trustee
sufficient funds to fund the redemption in full of the Notes on
August 23, 2015. As a result, Catamaran and the guarantors under
the Notes have been released from their respective obligations
under the Notes and the Indenture (in each case, subject to certain
limited exceptions), pursuant to the satisfaction and discharge
provisions thereunder, effective as of July 23, 2015.
About OptumRx
OptumRx is an innovative pharmacy care services company managing
the prescription drug benefits of commercial, Medicare, Medicaid
and other government health plans, as well as those of employers
and unions through a national network of 67,000 community
pharmacies and state-of-the-art home delivery pharmacies which have
earned the prestigious Verified Internet Pharmacy Practice Sites™
(VIPPS) accreditation by the National Association of Boards of
Pharmacy. OptumRx is part of Optum, a leading information and
technology-enabled health services business dedicated to making the
health system work better for everyone. OptumRx and Optum are a
part of UnitedHealth Group Incorporated [NYSE: UNH] with principal
executive offices located at UnitedHealth Group Center, 9900 Bren
Road East, Minnetonka, Minnesota 55343. Visit www.optum.com for
more information about OptumRx and Optum.
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version on businesswire.com: http://www.businesswire.com/news/home/20150723006578/en/
OptumDrew Krejci, 952-205-6652andrew.krejci@optum.com
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