Magellan Health Services Buying Pharmacy Benefits Manager

Circle Connections: Mergers & Acquisitions Magellan has agreed to acquire Partners Rx, a privately held pharmacy benefits management firm. The price is $100 million, which Magellan will fund from its existing cash position. Partners Rx was founded in 2001, and its 2013 revenue is expected to come in at around $240 million. Pharmacy benefits managers operate prescription drug plans for employers, insurers, and other customers. Magellan said most of Partners Rx's plans are sold by third-party administrators, and the company has about 300,000 covered lives. This was reported by Magellan on September 9, 2013. Contact information: David . . .