St. Louis
Post-Dispatch (MO)
March 13, 2018
March 13--Centene has made an investment in RxAdvance, a
pharmacy benefit manager based in Massachusetts, the companies announced
Tuesday.
Financial terms were not disclosed. Clayton-based Centene said
it will "use its "best-in-class technology platform to improve health
outcomes and reduce avoidable drug-impacted medical and administrative
costs." In addition to the investment, the deal includes a customer relationship
and Centene has the right to expand its equity investment in the future.
"Centene has established a transformative partnership with
RxAdvance to create its next generation pharmacy management solution,"
Centene's chairman and CEO Michael Neidorff, said in a statement.
"RxAdvance's transparency, disruptive technology, and unique approach to
partnership will help us further improve quality health outcomes for our
members and other customers, while managing healthcare costs."
Ravi Ika will remain as CEO of RxAdvance,. John Sculley, former
CEO of Apple, will remain as chairman and chief marketing officer. Centene's
executive vice presdident of mergers and acquisitions and chief strategy
officer has joined RxAdvance's board of directors.
The investment disclosure comes a few days after St. Louis
County-based Express Scripts, a PBM, announced its sale to health insurer
Cigna.
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