Express Scripts Holding Co. said Tuesday it would buy private medical-benefits manager eviCore healthcare for $3.6 billion.
Express Scripts, the largest administrator of prescription drug benefits in the U.S., said the deal is expected to close at the end of the year.
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St. Louis-based Express Scripts is acquiring the company from investors TA Associates, Ridgemont Equity Partners and General Atlantic.
EviCore, based in Bluffton, S.C., will operate as a stand-alone business unit. Founded in 1994, eviCore currently has about 4,000 employees, Express Scripts said.
"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 Chief Executive Tim Wentworth in prepared remarks.
Shares in Express Scripts slipped 0.4% to $59 in early trading.
Express Scripts has been studying ways to reposition its business as it grapples with replacing revenue following the expected loss of insurer Anthem Inc. as its largest customer.
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(END) Dow Jones Newswires
October 10, 2017 10:24 ET (14:24 GMT)