Science & Technology
Mon, October 10, 2011Sun, October 9, 2011Sat, October 8, 2011Fri, October 7, 2011Thu, October 6, 2011Wed, October 5, 2011Tue, October 4, 2011Mon, October 3, 2011Sun, October 2, 2011Sat, October 1, 2011Fri, September 30, 2011Thu, September 29, 2011Wed, September 28, 2011Tue, September 27, 2011Mon, September 26, 2011Sat, September 24, 2011Fri, September 23, 2011Thu, September 22, 2011SXC Health Solutions Completes Acquisition Of PTRx, Inc.
Published in Science and Technology on Tuesday, October 4th 2011 at 7:44 GMT by Market Wire
LISLE, IL, Oct. 4, 2011 /CNW/ - SXC Health Solutions Corp. ("SXC" or the "Company") (NASDAQ: SXCI, TSX: SXC), announced today the completion of its previously disclosed acquisition of PTRx, Inc. ("PTRx"), a full-service pharmacy benefit manager (PBM), and SaveDirectRx, Inc. ("SaveDirectRx"), its exclusive mail-order pharmacy provider, for a purchase price of $77 million in cash, with an additional $4.5 million subject to the achievement of certain performance targets through 2012. The purchase price was paid from SXC's cash on hand.
"We are excited to close another successful acquisition of a middle-market PBM operating on our platform," said Mark Thierer, Chairman and CEO of SXC. "This acquisition brings additional value and cost savings opportunities to our clients and a strong team to SXC."
Both PTRx and SaveDirect are based in San Antonio, where their operations will remain.
About PTRX, Inc. and SaveDirectRx, Inc.
PTRX is a full-service pharmacy benefit manager with proven success driving down pharmacy costs for clients and members. PTRX has a sophisticated, data-driven approach to designing, implementing, and managing prescription drug plans. Utilizing a benefit plan designed to drive cost savings, PTRX has become a valuable partner to employers and third-party administrators (TPA). PTRX employs SaveDirectRx's mail-order capabilities to drive cost savings by optimizing the most cost-efficient drug delivery channel. SaveDirectRx is a fully licensed mail-order pharmacy with a concentration in the southern United States. For more information, please visit [ www.ptrx.com ] and [ www.savedirectrx.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 SXC'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, provincial, and, state and local governments, pharmacy benefit managers, retail pharmacy chains and other healthcare intermediaries. SXC is headquartered in Lisle, Illinois with multiple 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, 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, and ability to retain, 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 2010 Annual Report on Form 10-K 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.
