Health insurer UnitedHealth Group has agreed to combine OptumRx, its free-standing pharmacy care services business, with Catamaran Corp., a pharmacy benefit management company based in Schaumburg, Ill.
Under the agreement, UnitedHealth Group will acquire Catamaran's outstanding common stock for $61.50 per share in cash. The deal is worth about $12.8 billion, according to Reuters.
The organizations anticipate the combination will create a dynamic competitor in the pharmacy benefit management market by combining the strengths of Catamaran's technology platform with the data and analytics capabilities of Optum, according to a news release.
"The combined company is expected to deliver an innovative and compelling consumer and payer services offering that will link demographic, lab, pharmaceutical, behavioral and medical treatment data to engage individuals to make better decisions as they seek the best, most effective care and improve compliance with pharmaceutical use and care protocols," the organizations said in the joint release.
The transaction is expected to close during the fourth quarter of 2015, subject to Catamaran shareholders' approval, regulatory approvals and other customary closing conditions.
Upon closing, Mark Thierer, Catamaran's chairman and CEO, will serve as CEO of OptumRx. Timothy Wicks, the current CEO of OptumRx, will become president of OptumRx. Jeff Park, who currently serves Catamaran as executive vice president of operations, will become the COO for OptumRx. Jeffrey Grosklags, currently the CFO of OptumRx, will continue in that role.