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SXC, Catalyst name merged company Catamaran
July 10th, 2012
LISLE, Ill. – Now merged, pharmacy benefit managers (PBMs) SXC Health Solutions Corp. and Catalyst Health Solutions Inc. unveiled a new name and brand for the company: Catamaran.
The company said that starting Wednesday, its shares will be traded under the ticker CTRX on the NASDAQ stock exchange and as CCT on the Toronto Stock Exchange.
Catamaran, the nation's fourth-largest PBM by prescription volume, also formally announced its leadership team with the completion of the $4.4 billion SXC-Catalyst merger.
Mark Thierer serves as chairman and chief executive officer, holding the same posts as he did at SXC, and Jeff Park becomes executive vice president and chief financial officer at Catamaran. Former Catalyst president and chief operating officer Rick Bates will serve as executive vice president of arket segments, and former Catalyst board member Steven Epstein joins the new Catamaran board.
David Blair, former chairman and CEO of Catalyst, "has committed to provide ongoing support to the combined company to ensure a seamless and successful integration," according to Catamaran.
Based in Lisle, Ill., where SXC had its headquarters, Catamaran will have estimated annual revenue of $13 billion, placing it among the top 250 U.S. companies and among the top 15 companies in the Chicagoland area. The new company will serve about 25 million members and have an annual volume of more than 200 million adjusted PBM prescriptions.
"Catamaran is the most viable alternative for organizations who are struggling to solve the health care cost challenge, and we're eager to put our enhanced resources to work for them," Thierer said in a statement. "We have the skill and scale to deliver compelling financial results and the clinical intelligence to deliver sustainable improvements in the health of members."
Catamaran added that its diverse base of clients includes large employers, health plans, government entities, unions, workers' compensation, TPAs, long-term care, hospice and PBMs.