Nevada News Reporter

UnitedHealth sets sail for drug manager Catamaran

UnitedHealth sets sail for drug manager Catamaran

UnitedHealth Group, the nation’s largest medical insurer, plans to buy drug benefits manager Catamaran in an effort to contain pharmaceutical drug prices. The deal, valued at nearly $13 billion ($61.50 a share), is designed to help the insurer seek better prices with pharmaceutical companies and drug stores.635573725535753740-AP-Earns-UnitedHealth

Catamaran jumped 25% to $60.20 in early trading Monday. UnitedHealth is up 4% to $122.92. Catamaran was formed in 2012 after the merger of SXC Health Solutions and PBM Catalyst Health Solutions and helps healthcare plans reduced prescription drug costs. The company will be folded into United Health’s OptumRX pharmacy care services unit.

Catamaran manages more than 400 million prescriptions for 35 million customers. “We believe the combination of the two companies will create a unique offering in the industry unparalleled by current participants,” says Optum CEO Larry Renfro. “We believe this combination will create significant value for health plan, government, third party administrator and employer customers and, most importantly, the individual consumers who depend on us for accurate, affordable and convenient pharmacy benefit products and services.”