SXC Health Solutions Unveils a New Name Following Merger: Catamaran
11 July 2012 - 2:00AM
PR Newswire (Canada)
New Stock Ticker Symbol and Leadership Team Announced LISLE, IL,
July 10, 2012 /CNW/ - Following the recent completion of its merger
with Catalyst Health Solutions, Inc., SXC Health Solutions Corp.
today unveiled a new name and brand for the company, as well as
formally announced its leadership team. The new name,
Catamaran, reflects the union of two of the industry's
fastest-growing pharmacy benefits management companies (PBM) to
create the fourth largest PBM in the U.S. by prescription volume.
Beginning tomorrow, the company's shares will be traded under the
ticker CTRX on the NASDAQ and as CCT on the Toronto Stock Exchange.
The company selected the name Catamaran to reflect its nimble,
flexible approach to helping clients navigate today's turbulent
healthcare environment to contain costs and enhance the well-being
of its members. Catamaran's clients include the
broadest, most diverse base of any PBM, comprising large employers,
health plans, government entities, unions, workers' compensation,
TPAs, long term care, hospice and PBMs. "Catamaran is the most
viable alternative for organizations who are struggling to solve
the healthcare cost challenge, and we're eager to put our enhanced
resources to work for them," said Mark Thierer, Chairman and CEO of
Catamaran. "We have the skill and scale to deliver compelling
financial results and the clinical intelligence to deliver
sustainable improvements in the health of members." The new
Catamaran has substantial resources to apply to the market's
challenges. The merged company will have estimated
annual revenues of $13 billion, placing it among the top 250
companies in the U.S. and among the top 15 companies in the
Chicagoland area, where it is headquartered. Catamaran will
serve approximately 25 million members and will have an annual
volume of more than 200 million adjusted pharmacy benefits
management prescriptions. Catamaran also formally announced its new
leadership team, which leverages talents from both SXC and
Catalyst. Mark Thierer will lead the firm as Chairman
and CEO, and Jeff Park will serve as Executive Vice President and
CFO. Former Catalyst President and Chief Operating
Officer Rick Bates will serve as Executive Vice President, Market
Segments. In addition, former Catalyst board member Steven B.
Epstein will join 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. Catamaran is headquartered in Lisle,
Illinois, with multiple locations in the United States and Canada.
About Catamaran Catamaran, the industry's fastest-growing pharmacy
benefits manager, helps organizations and the communities they
serve take control of prescription drug costs. Managing more
than 200 million prescriptions each year on behalf of 25 million
members, our flexible, holistic solutions improve patient care and
empower individuals to take charge of their health. Processing one
in every five prescription claims in the U.S., Catamaran's skill
and scale deliver compelling financial results and sustainable
improvement in the overall health of members. Catamaran is
headquartered in Lisle, Ill. with multiple locations in the U.S.
and Canada. For more information, please visit www.catamaranRx.com.
SXC Health Solutions Corp. CONTACT: Tony PerkinsInvestor
RelationsCatamaran(630) 577-4871tony.perkins@sxc.com
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