Express Scripts buying eviCore for $3.6 billion

Markets Associated Press

Pharmacy-benefits manager Express Scripts Holding Co. will buy privately-held eviCore healthcare for $3.6 billion, bolstering its medical benefit management services.

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St. Louis-based Express Scripts is buying the Bluffton, South Carolina company from investors, including General Atlantic, TA Associates and Ridgemont Equity Partners. The purchase is expected to close in the fourth quarter.

"Together with eviCore, Express Scripts will be an even more powerful partner in managing costs for patients and payers, bringing us closer to our goal of becoming the nation's leading patient benefit manager," said Express Scripts CEO Tim Wentworth.

EviCore contracts with health plans and commercial clients to manage health care services.

PBMs run prescription drug plans for employers, insurers and other customers. They process mail-order prescriptions and handle bills for prescriptions filled at retail pharmacies.