AmerisourceBergen Corp. has signed a definitive agreement to acquire TheraCom, a CVS Caremark Corp. subsidiary that offers consulting services to drug manufacturers, for $250 million.
AmerisourceBergen to buy TheraCom
Rockville, Md.-based TheraCom provides reimbursement and patient access support services to biotechnology and pharmaceutical companies. TheraCom had been owned by AdvancePCS, which was acquired by Caremark in 2004.
The deal is expected to close by Dec. 31; financial terms are subject to "customary working capital adjustments," according to an AmerisourceBergen news release.
TheraCom, which reported annualized revenues of $700 million, will become part of the Valley Forge, Pa.-based drug wholesaler's consulting services unit. According to the news release, the acquisition is expected to expand AmerisourceBergen's pharmacy benefit reimbursement capabilities.
Thomas Gallucci, an analyst with Lazard Capital Markets, said in a note that the deal "makes strategic sense" for AmerisourceBergen and CVS because the wholesaler's consulting services unit focuses on the manufacturer, whereas CVS is more payer-focused.
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