Centene Invests In Pharmacy Benefit Manager RxAdvance

March 13--Centene has made an investment in RxAdvance, a pharmacy benefit manager based in Massachusetts, the companies announced Tuesday.

Financial terms were not disclosed. Clayton-based Centene said it will "use its "best-in-class technology platform to improve health outcomes and reduce avoidable drug-impacted medical and administrative costs." In addition to the investment, the deal includes a customer relationship and Centene has the right to expand its equity investment in the future.

"Centene has established a transformative partnership with RxAdvance to create its next generation pharmacy management solution," Centene's chairman and CEO Michael Neidorff, said in a statement. "RxAdvance's transparency, disruptive technology, and unique approach to partnership will help us further improve quality health outcomes for our members and other customers, while managing healthcare costs."

Ravi Ika will remain as CEO of RxAdvance,. John Sculley, former CEO of Apple, will remain as chairman and chief marketing officer. Centene's executive vice presdident of mergers and acquisitions and chief strategy officer has joined RxAdvance's board of directors.

The investment disclosure comes a few days after St. Louis County-based Express Scripts, a PBM, announced its sale to health insurer Cigna.

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