Express Scripts, Inc. (Nasdaq: ESRX), and WellPoint, Inc. (NYSE: WLP), announced today the closing of Express Scripts' acquisition of WellPoint's NextRx subsidiaries.
The transaction includes a 10-year agreement under which Express Scripts, one of the largest pharmacy benefits management companies in North America, will provide pharmacy benefits management services, including home delivery and specialty pharmacy services, to members of the affiliated health plans of WellPoint, one of the nation's largest health benefits companies. Express Scripts acquired the NextRx subsidiaries for $4.675 billion, which includes consideration for the value of a future tax benefit for Express Scripts based on the structure of the transaction.
"Two industry leaders have aligned in an unprecedented way to promote better health and value for millions of Americans," said George Paz, chairman and CEO of Express Scripts. "At this pivotal moment in American healthcare, the strategic alliance opens new horizons for improving outcomes for members while driving down overall healthcare costs."
The two companies will leverage integrated medical and pharmacy data for a more holistic view of members' health and related behaviors. WellPoint will seek to improve the effectiveness of its unparalleled clinical competencies through the success of Consumerology(SM), Express Scripts' powerful application of the behavioral sciences to help members make better healthcare decisions. New insights will create potential for innovative programs that seek to drive improved health outcomes and reduce costs.