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Life Health > Health Insurance

Magellan Acquires ICore

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A publicly traded behavioral health company has paid $210 million in cash and restricted stock for a privately held specialty pharmaceutical management firm.

Magellan Health Services Inc., Avon, Conn., says it has acquired ICore Healthcare L.L.C., Orlando, Fla., to get into another line of health care management business.

In addition to managing behavioral care, Magellan has been managing radiology benefits.

ICore helps health plans manage use of expensive drugs for chronic conditions such as cancer, multiple sclerosis and hemophilia.

If ICore does well as a unit of Magellan in 2007 and 2008, Magellan may pay it an extra $75 million, the company says.


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