Lisle, Ill.-based Catamaran Corp. will buy Milwaukee-based Restat from its parent company, Milwaukee-based Dohmen, for $409.5 million, the companies announced today. The deal is expected to close in the fourth quarter of this year.
Catamaran is a pharmacy benefit management firm. Restat is a benefits management firm. Dohmen is a life science services company
Catamaran chief executive officer Mark Thierer said the addition of Restat will create immediate value for clients and members of both organizations.
“As one of the largest privately held pharmacy benefit managers, Restat’s core business is perfectly aligned with Catamaran’s,” he said. “We have a full suite of services that will complement the strengths of Restat to create a unique go-to-market PBM.”
Dohmen CEO Cynthia LaConte said, “Dohmen’s been committed to creating efficiencies in health care supply for over 155 years, so it was important for us to partner with a company that could lower prescription drug costs without compromising care. Catamaran has a unique track record of achieving the right balance of scale and service. Joining Catamaran will create an even stronger marketplace offering in cost, clinical capability and customer service.”
LaConte said the sale of Restat is part of Dohmen’s strategic plan to grow and strengthen its life science service offering.
“We’ve decided to exit the pharmacy benefit management business so we can focus exclusively on our life science clients,” she said. “Dohmen has a long history of anticipating transformative change and building better business models to meet it, and our industry is facing a significant paradigm shift from volume to value. We think we’re uniquely positioned to help drug, device and personalized medicine companies make this transition.”
