Express Scripts Completes Acquisition of WellPoint’s NextRx Subsidiaries

2009 DEC 18 - (NewsRx.com) -- Express Scripts, Inc. (NASDAQ:ESRX), and WellPoint, Inc. (NYSE:WLP), announced the closing of Express Scripts' acquisition of WellPoint's NextRx subsidiaries (see also Express Scripts; WellPoint, Inc.).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."The alliance brings new strength to Express Scripts' and WellPoint's essential roles in addressing today's critical health care issues," said Angela F. Braly, president and CEO of WellPoint. "As each organization expands the value of its leading health-information technologies, clinical expertise and thought leadership, the alliance will drive innovation in the development and implementation of integrated health benefits."Plan sponsors and members will gain from industry-leading programs and shared best practices from both organizations. Healthcare administrators will achieve greater insight into drug trends and usage through Express Scripts' innovative reporting and modeling tools."Express Scripts has completed several acquisitions in the last decade, and is well prepared and ready to succeed," said Paz. "Express Scripts and WellPoint have developed an integration plan designed to ensure a smooth transition for members, clients and employees."