Attached files
| file | filename |
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| 8-K - FORM 8-K - Catamaran Corp | c62025e8vk.htm |
| EX-2.1 - EX-2.1 - Catamaran Corp | c62025exv2w1.htm |
Exhibit 99.1
SXC HEALTH SOLUTIONS COMPLETES ACQUISITION
OF MEDFUSIONRX, LLC
OF MEDFUSIONRX, LLC
Lisle, Illinois, December 29, 2010, SXC Health Solutions Corp. (“SXC” or the “Company”)
(NASDAQ: SXCI, TSX: SXC), a leading provider of pharmacy benefit management (PBM) services and
health care information technology (HCIT) solutions to the healthcare benefits management industry,
announced today the completion of the previously disclosed acquisition of MedfusionRx, LLC
(“MedfusionRx”), a leading independent specialty pharmacy provider, for a purchase price of $100
million in cash, subject to a customary working capital adjustment, with an additional $5.5 million
subject to the achievement of certain performance targets through the 2012 fiscal year. The waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act expired at 11:59 p.m. Eastern
Standard Time on December 24, 2010.
“We are very pleased to welcome MedfusionRx’s employees and customers into the SXC fold,” said Mark
Thierer, President and CEO of SXC. “This acquisition will help transform our specialty pharmacy
business by expanding our presence and enhancing our capabilities in this rapidly growing segment
of the PBM industry. We are excited with the growth prospects of this acquisition and look forward
to capitalizing on our revenue and cost saving synergy opportunities.”
About MedfusionRx, LLC
Founded in 2003, privately-held MedfusionRx, LLC (“MedfusionRx”) is a leading independent specialty
pharmacy provider with significant expertise in providing high-touch clinical services to patients
with complex chronic conditions. MedfusionRx is a licensed, accredited specialty pharmacy providing
service in all 50 states. MedfusionRx specializes in the needs of patients with chronic diseases
such as bleeding disorders, growth hormone deficiency, multiple sclerosis, rheumatoid arthritis,
plaque psoriasis, Crohn’s disease and hepatitis C. MedfusionRx also specializes in medications for
patients with cancer and in the preventive treatment of RSV. Based in Birmingham, Alabama,
MedfusionRx also has a satellite pharmacy in Alabama and six additional pharmacies in Tennessee,
Mississippi, West Virginia, Texas, Louisiana and Kansas. For more information please visit the
company’s website located at www.medfusionrx.com.
About SXC Health Solutions Corp.
SXC Health Solutions Corp. is a leading provider of pharmacy benefits management (PBM) services and
Health Care Information Technology (HCIT) solutions to the healthcare benefits management industry.
The Company’s product offerings and solutions combine a wide range of PBM services and software
applications, application service provider (ASP) processing services and professional services,
designed for many of the largest organizations in the pharmaceutical supply chain, such as health
plans, employers, federal, state and local governments, pharmacy benefit managers, retail pharmacy
chains and other healthcare intermediaries. SXC is headquartered in Lisle, Illinois with 13
locations in the US and Canada. For more information please visit www.sxc.com.
Forward-Looking Statements
Certain statements included herein, including those that express management’s expectations or
estimates of our future performance, 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, the possibility that the expected synergies, efficiencies and cost savings of the
MedfusionRx transaction will not be realized, or will not be realized within the expected time
period; the risk that the MedfusionRx business will not be integrated successfully; our ability to
achieve increased market acceptance for our product offerings and penetrate new markets;
consolidation in the healthcare industry; the existence of undetected errors or similar problems in
our software products; our ability to identify and complete acquisitions, manage our growth and
integrate acquisitions; our ability to compete successfully; potential liability for the use of
incorrect or incomplete data; the length of the sales cycle for our healthcare software solutions;
interruption of our operations due to outside sources; our dependence on key customers; maintaining
our intellectual property rights and litigation involving intellectual property rights; our ability
to obtain, use or successfully integrate third-party licensed technology; compliance with existing
laws, regulations and industry initiatives and future change in laws or regulations in the
healthcare industry; breach of our security by third parties; our dependence on the expertise of
our key personnel; our access to sufficient capital to fund our future requirements; and potential
write-offs of goodwill or other intangible assets. This list is not exhaustive of the factors that
may affect any of our forward-looking statements. Other factors that should be considered are
discussed from time to time in SXC’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 for the year ended December 31, 2009 and subsequent Form 10-Qs, 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 SXC or persons acting on our
behalf are expressly qualified in their entirety by this notice. We disclaim any intent or
obligation to update publicly these forward-looking statements, whether as a result of new
information, future events or otherwise. Certain of the assumptions made in preparing
forward-looking information and management’s expectations include: maintenance of our existing
customers and contracts, our ability to market our products successfully to anticipated customers,
the impact of increasing competition, the growth of prescription drug utilization rates at
predicted levels, the retention of our key personnel, our customers continuing to process
transactions at historical levels, that our systems will not be interrupted for any significant
period of time, that our products will perform free of major errors, our ability to obtain
financing on acceptable terms and that there will be no significant changes in the regulation of
our business.
For more information, please contact:
Jeff Park
|
Susan Noonan | Dave Mason | ||
Chief Financial Officer
|
Investor Relations — U.S. | Investor Relations — Canada | ||
SXC Health Solutions Corp.
|
S.A. Noonan Communications | The Equicom Group Inc. | ||
Tel: (630) 577-3100
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(212) 966-3650 | 416-815-0700 ext. 237 | ||
investors@sxc.com
|
susan@sanoonan.com | dmason@equicomgroup.com |