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Prime Therapeutics Closes $1.35 Billion Magellan Rx Acquisition, Uniting Pharmacy And Medical Drug Management Expertise

Dec 05, 2022•about 3 years ago

Acquiring Company

Prime Therapeutics

Acquired Company

Magellan Rx

EaganInsurance

Description

Leading pharmacy benefit manager (PBM) Prime Therapeutics LLC (Prime) today finalized the previously announced acquisition of Magellan Rx Management, (Magellan Rx), the pharmacy division of Magellan Health, from Centene Corporation. The agreement unites Prime's strong foundation of pharmacy benefit management (PBM) capabilities with Magellan Rx's industry-leading total specialty drug management expertise to create a diversified pharmacy solutions organization serving commercial markets and government programs.

Company Information

Company

Prime Therapeutics

Location

Eagan, Minnesota, United States

About

Everything we do is connected to helping people get the medicine they need to feel better and live well. It’s meaningful work and we’ve been doing it for over 24 years. In the pharmacy benefit management (PBM) industry, we’re different. We’re owned by 18 not-for-profit Blue Cross and Blue Shield health plans. This allows us to control costs and empower our employees to put members first. It’s a successful combination. We have the lowest pharmacy trend in the industry and serve 28+ million members throughout the US.

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M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed