SXC Health Solutions Corp., a pharmacy benefit management and health information technology company based in Lisle, Ill., has completed its acquisition of PTRx and SaveDirectRx, according to an SXC news release.
SXC completes PTRx acquisition
SXC Health Solutions had announced in August its plans to acquire PTRx, a PBM, and SaveDirectRx, the company's exclusive mail-order pharmacy provider, for $77 million in cash, as well as $4.5 million in performance payouts through 2012.
"We are excited to close another successful acquisition of a middle-market PBM operating on our platform," said SXC President and CEO Mark Thierer in a news release. "This acquisition brings additional value and cost savings opportunities to our clients and a strong team to SXC."
PTRx and SaveDirectRx, both of which are based in San Antonio, Texas, manage $90 million in annual drug spending.
The deal is part of a recent wave of activity in the PBM sector. In July, Express Scripts announced a proposed merger with Medco Health Solutions. Catalyst Health Solutions acquired Walgreen Co.'s PBM subsidiary in June.
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