ST. LOUIS, April 2, 2012 /PRNewswire via COMTEX/ -- Express Scripts (NASDAQ: ESRX) completed its previously announced$29.1 billion acquisition of Medco Health Solutions today, creating the country's leading healthcare services company.
The new Express Scripts combines best-in-class clinical expertise and innovative applications of behavioral science to improve patient health while driving down the cost of healthcare. Combining the companies' complementary offerings will create better models of care and improve patients' adherence to prescribed treatment regimens.
"Our merger is exactly what the country needs now," said George Paz, chairman and chief executive officer, Express Scripts. "It represents the next chapter of our mission to lower costs, drive out waste in healthcare and improve patient health. We remain focused on formulary management, channel management and closing gaps in care, which will allow us to further improve the health of people with chronic and complex medical conditions.
"Our clients are challenged to provide robust health benefits to American families. We have an unprecedented opportunity to help them by making the use of medicine safer, more affordable and more accessible."
Following consummation of the acquisition, each share of pre-closing Medco common stock was converted into (i) the right to receive $28.80 in cash, without interest and (ii) 0.81 shares of common stock of the new Express Scripts, a holding company which will own 100% of each of the existing Express Scripts and Medco, and each share of the pre-closing Express Scripts common stock was converted into one share of new Express Scripts common stock.
As previously announced, the company expects synergies of $1 billion once fully integrated, which represents approximately 1 percent of the combined company's costs. The transaction is expected to be slightly accretive to earnings per share (excluding integration and deal-related costs and charges) in the first full year after closing and moderately accretive once fully integrated.
About Express Scripts
Express Scripts is leading the way toward creating better health and value for patients through Consumerology®, the advanced application of the behavioral sciences to healthcare. This approach is helping millions of members realize greater healthcare outcomes and lowering cost by assisting in influencing their behavior.
Headquartered in St. Louis, Express Scripts provides integrated pharmacy benefit management services including network-pharmacy claims processing, home delivery services, specialty benefit management, benefit-design consultation, drug-utilization review, formulary management, and medical and drug data analysis services. The company also distributes a full range of biopharmaceutical products and provides extensive cost-management and patient-care services.
Following closing of the Medco acquisition, both Express Scripts, Inc. and Medco Health Solutions, Inc. are wholly-owned subsidiaries of Express Scripts Holding Company. As the parent company, Express Scripts Holding Company is the new, publicly-traded entity, trading on NASDAQ under the symbol ESRX.
More information can be found at http://www.express-scripts.com/.
For broadcast b-roll, visit: http://www.express-scripts.com/pressroom/mediaresources/
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SOURCE Express Scripts