AVON, Conn. (AP) — Magellan Health Services Inc. said Monday it will buy pharmacy benefits manager Partners Rx for $100 million.
Magellan helps health plans, employers and government agencies manage health benefits, and Partners Rx offers services to health plans and employers. The Scottsdale, Ariz., company is expected to post revenue of about $240 million this year while Magellan is forecasting $3.3 billion to $3.5 billion.
Robert Field, the president and CEO of Partners Rx, will become the CEO of Magellan's pharmacy solutions business.
Pharmacy benefits managers operate prescription drug plans for employers, insurers and other customers. Magellan said most of Partners Rx's plans are sold by third-party administrators, and the company has about 300,000 covered lives.
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