SXC Health Solutions To Acquire PTRx, Inc. for $77M

SXC Health Solutions Corp. SXCI announced today that it has entered into a definitive agreement to acquire PTRx, Inc., a full-service PBM, and SaveDirectRx, its exclusive mail-order pharmacy provider, both based in San Antonio. The purchase price of $77 million in cash is to be paid from SXC's existing cash balance, subject to certain customary post-closing adjustments, with an additional $4.5 million subject to the achievement of certain performance targets through 2012. "We are pleased to welcome PTRx, SaveDirectRx, and their employees into the SXC fold," said Mark Thierer, Chairman and CEO of SXC. "PTRx has been a client and a partner since 2006, initially as an HCIT client and later the relationship expanded to include PBM services. This transaction is in keeping with our strategy to acquire assets that currently utilize SXC's technology platform and can be easily integrated. The transaction will allow us to leverage our existing partnership, the PTRx book-of-business, the SaveDirectRx mail volume, and the combined entity's ability to drive mail penetration to contribute to the organic growth of the SXC business."