Change Healthcare Acquires eRx Network
04 Mai 2020 - 3:00PM
Business Wire
Acquisition strengthens and extends
capabilities of the Change Healthcare Intelligent Healthcare
Network™
Change Healthcare (Nasdaq: CHNG) announced it has exercised its
option to purchase and completed the acquisition of eRx Network
(“eRx”), a leading provider of comprehensive, innovative, and
secure data-driven solutions for pharmacies.
Change Healthcare acquired 100 percent of the ownership interest
in eRx Network for a purchase price of $212.9 million plus cash on
the balance sheet. eRx generated approximately $67 million in
annual revenue for the twelve-month period ended February 29, 2020.
The transaction supports Change Healthcare’s commitment to focus on
and invest in core aspects of the business to fuel long-term growth
and advance innovation.
eRx’ s real-time pharmacy network is integrated into pharmacies’
workflows. eRx helps pharmacies improve operational efficiency and
optimize reimbursement, enabling providers to cost-effectively
exchange electronic prescriptions with pharmacies. eRx also
facilitates partner programs that help pharmacies improve
profitability and helps payers, pharmaceutical companies, and other
industry stakeholders administer patient-centric programs.
The addition of eRx brings strategic benefits including a
broader solutions portfolio to offer pharmacies, the ability to
serve patients, providers and payers more comprehensively and the
potential to enter new markets.
“Bringing eRx back into the fold will enable us to leverage our
combined scale, breadth of solutions, and network capabilities to
increase market penetration, advance innovation, and create new
opportunities,” said Neil de Crescenzo, president and CEO, Change
Healthcare. “As a leader in delivering advanced technology
solutions for pharmacies, providers, and pharmaceutical companies,
eRx aligns with our strategy to reduce costs, improve outcomes, and
enhance consumer engagement for our customers.”
The combined synergies will offer a broader solutions portfolio
to pharmacies and life sciences companies and facilitate
innovations on health plan solutions driven by a comprehensive view
of members’ claims, bills, payments, and now, pharmacy
interactions. From an innovation standpoint, Change Healthcare will
now be able to leverage the valuable combination of medical and
pharmacy data, and provide eRx customers the benefits of the
Intelligent Medical Network with scalable cloud-based
technologies.
The acquisition was approved by a special committee of the Board
of Directors of Change Healthcare, and the special committee
received a fairness opinion from Barclays that the purchase price
was fair to Change Healthcare.
Further transaction details can be found in a Form 8-K filed by
Change Healthcare today with the Securities and Exchange
Commission.
About Change Healthcare
Change Healthcare (Nasdaq: CHNG) is a leading independent
healthcare technology company that provides data and
analytics-driven solutions to improve clinical, financial and
patient engagement outcomes in the U.S. healthcare system. We are a
key catalyst of a value-based healthcare system, accelerating the
journey toward improved lives and healthier communities. Learn more
at changehealthcare.com.
CHNG-IR
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version on businesswire.com: https://www.businesswire.com/news/home/20200504005350/en/
Change Healthcare Kerry Kelly External Communications
339-236-2756 kerry.kelly@changehealthcare.com Evan Smith, CFA
Investor Relations 404-338-2225 Evan.smith@changehealthcare.com
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