A pharmacy benefits manager has gone ahead with a previously announced move to scoop up a competitor.
Express Scripts Inc., St. Louis, (Nasdaq:ESRX) has completed acquiring the NextRx PBM subsidiaries from WellPoint Inc., Indianapolis (NYSE:WLP).
Express Script is paying about $4.7 billion for the subsidiaries, “which includes consideration for the value of a future tax benefit for Express Scripts based on the structure of the transaction,” the companies say.
WellPoint has agreed to buy PBM services from Express Scripts for 10 years.
WellPoint’s NextRx subsidiaries have been handling PBM services for about 25 million U.S. residents.