Magellan Health To Buy Partners Rx

Magellan Health Services Inc. announced it has entered into an agreement to acquire Partners Rx, a privately held, full-service commercial pharmacy benefits management company for $100 million.

Magellan Health Services Inc announced it has entered into an agreement to acquire Partners Rx, a privately held, full-service commercial pharmacy benefits management company for $100 million. Partners Rx has more than 300,000 core commercial pharmacy benefits management, or PBM, covered lives.

Barry Smith, Magellan's CEO, said, "With this acquisition, Magellan is enhancing our full-service PBM capabilities, adding scale, relationships and expertise, further complementing our unique medical pharmacy and specialty pharmacy capabilities. Our intention is to expand our footprint in the pharmacy marketplace and to bring

competition

where there is very little currently."

Upon closing of the transaction, Robert Field, in addition to being President and CEO of Partners Rx, will assume additional responsibilities as CEO of Magellan Pharmacy Solutions and will be responsible for all of the company's pharmacy product lines, Magellan Health Services said.

SOURCE: Magellan