Catalyst agrees to buy PBM FutureScripts
Catalyst Health Solutions, Rockville, Md., entered a definitive agreement to buy FutureScripts, the pharmacy-benefit management subsidiary of Philadelphiabased Independence Blue Cross, for $225 million. After the deal’s close—expected to take place this year pending customary conditions and antitrust clearance— Catalyst would manage Independence Blue Cross’ pharmacy benefits while maintaining the FutureScripts brand under the terms of a 10-year contract. The $225 million sale price includes the future tax benefit Catalyst would enjoy based on the structure of the transaction, according to a news release. Catalyst reported a net income of $19.5 million on revenue of $890.1 million for the quarter ended June 30, beating its performance in the same quarter last year by 6.4%.