Schaumburg, Ill.-based pharmacy benefit manager Catamaran Corp. has agreed to acquire Duluth, Ga.-based Healthcare Solutions, a current pharmacy benefit manager client that services the workers' compensation market, for $405 million in cash.
Catamaran expects to realize approximately $10 million in annualized synergies once Healthcare Solutions is fully integrated, according to a news release. Catamaran expects to close the transaction in the second quarter of 2015.
While announcing its plans to acquire Healthcare Solutions, Catamaran also announced its financial results for the three-month and 12-month periods ended December 31, 2014.
The following are some of the highlights from the announcement:
1. Revenue increased 46 percent on a year over year basis to $21.6 billion during 2014, compared to $14.8 billion the prior year.
2. Gross profit increased 21 percent to $1.4 billion during 2014, compared to $1.1 billion in 2013.
3. Net income attributable to Catamaran increased 21 percent to $317.3 million, or $1.53 per diluted share in 2014, compared to $262.2 million, or $1.27 per diluted share in 2013.
4. Cash flow from operations increased 24 percent to $590.2 million during 2014, compared to $475.4 million in 2013.
5. Catamaran entered into a definitive agreement to acquire Salveo Specialty Pharmacy in St. Petersburg, Fla., which was completed in January of this year.
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