SCHAUMBURG, IL, Jan. 5, 2015 /CNW/ - Catamaran Corp. (NASDAQ: CTRX, TSX:
CCT), a leading provider of pharmacy benefit management (PBM) services
and technology solutions, announced today the completion, effective as
of January 2, 2015, of its previously disclosed acquisition of Salveo
Specialty Pharmacy, for a purchase price of $260 million in cash,
subject to certain customary post-closing adjustments. The purchase
price was funded from Catamaran's existing cash balance.
"This reaffirms our commitment to grow our specialty pharmacy
capabilities," said Mark Thierer, Chairman and CEO of Catamaran.
"Salveo and BriovaRx™ are highly complementary to each other and the
combination presents a great opportunity to further expand our
specialty scale."
Salveo Specialty Pharmacy is an independent specialty pharmacy company
headquartered in St. Petersburg, Fla., with business operations in New
York (Echo Salveo Specialty Pharmacy) and California (Mission Road
Pharmacy). Salveo manages approximately $400 million in annual drug
spend.
About Catamaran
Catamaran, the industry's fastest-growing pharmacy benefits manager,
helps organizations and the communities they serve take control of
prescription drug costs. Managing more than 350 million prescriptions
each year on behalf of over 32 million members, our flexible, holistic
solutions improve patient care and empower individuals to take charge
of their health. Processing one in every five prescription claims in
the U.S., Catamaran's skill and scale deliver compelling financial
results and sustainable improvement in the overall health of members.
Catamaran is headquartered in Schaumburg, Ill., with multiple locations
in the U.S. and Canada. For more information, please visit CatamaranRx.com, and for industry news and information, follow Catamaran on Twitter, @CatamaranCorp.
Forward Looking Statements
Certain information included herein, including information with respect
to the Company's beliefs, plans, expectations, anticipations, estimates
and intentions, constitute "forward-looking statements" within the
meaning of applicable securities laws. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by management at this time, are inherently
subject to significant business, economic and competitive uncertainties
and contingencies. We caution that such forward-looking statements
involve known and unknown risks, uncertainties and other risks that may
cause our actual financial results, performance, or achievements to be
materially different from our estimated future results, performance or
achievements expressed or implied by those forward-looking statements.
Numerous factors could cause actual results to differ materially from
those in the forward-looking statements, including, without limitation,
our ability to achieve increased market acceptance for our product
offerings and penetrate new markets; our ability to compete
successfully; our dependence on, and ability to retain, key customers;
customer demands for enhanced services levels or loss or unfavorable
modification with our customers; the risks and challenges associated
with our PBM partnering agreement with Cigna Corporation due to the
size of the client and the complexity and long-term nature of the
agreement; consolidation in the healthcare industry; our ability to
identify and complete acquisitions, manage our growth, integrate
acquisitions and achieve expected synergies from acquisitions; changes
in industry pricing benchmarks and continuing market and economic
challenges; our ability to maintain our relationships with pharmacy
providers, pharmaceutical manufacturers, third-party rebate
administrators and suppliers; compliance with existing laws,
regulations and industry initiatives and future change in laws or
regulations in the healthcare industry; our ability to maintain our
relationships with suppliers; the outcome of any legal or tax
proceeding that has been or may be instituted against us; the existence
of undetected errors or similar problems in our software products;
potential liability for the use of incorrect or incomplete data;
interruption of our operations due to outside sources and breach of our
security by third parties; our dependence on the expertise of our
senior management and other personnel; maintaining our intellectual
property rights and litigation involving intellectual property rights;
our ability to obtain, use or successfully integrate third-party
licensed technology; our ability to accurately forecast our financial
results; our level of indebtedness and the covenants and restrictions
in the agreements governing our outstanding indebtedness; our access to
sufficient capital to fund our future requirements; potential
write-offs of goodwill or other intangible assets; and the material
weakness identified in our internal control over financial reporting.
In addition, numerous factors could cause actual results with respect to
the proposed Salveo acquisition to differ materially from those in the
forward-looking statements, including, without limitation, the
possibility that the expected efficiencies and cost savings from the
proposed transaction will not be realized, or will not be realized
within the expected time period; the risk that the Catamaran and Salveo
businesses will not be integrated successfully; disruption from the
Salveo transaction and integration making it more difficult to maintain
business and operational relationships; and the risk of customer
attrition at Salveo or Catamaran. The foregoing list of factors is not
exhaustive and is subject to change and there can be no assurance that
such assumptions will reflect the actual outcome of such items or
factors. Other factors that should be considered are discussed from
time to time in Catamaran's filings with the U.S. Securities and
Exchange Commission, including the risks and uncertainties discussed
under the captions "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
Annual Report on Form 10-K and subsequent filings with the U.S.
Securities and Exchange Commission, which are available at www.sec.gov. Investors are cautioned not to put undue reliance on forward-looking
statements. All subsequent written and oral forward-looking statements
attributable to Catamaran or persons acting on our behalf are expressly
qualified in their entirety by this notice.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS RELEASE REPRESENTS THE
COMPANY'S CURRENT EXPECTATIONS AND, ACCORDINGLY, IS SUBJECT TO CHANGE.
HOWEVER, THE COMPANY EXPRESSLY DISCLAIMS ANY INTENTION OR OBLIGATION TO
UPDATE OR REVISE ANY FORWARD-LOOKING INFORMATION, WHETHER AS A RESULT
OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED BY
APPLICABLE LAW.
SOURCE Catamaran
