CHARLOTTE, N.C., Oct. 8, 2013 /PRNewswire/ -- Deloitte Corporate Finance LLC ("DCF") acted as the exclusive financial advisor to Partners Rx Management, LLC ("Partners Rx") in its sale to Magellan Health Services, Inc. ("Magellan"). As a nationally-recognized, full-service commercial pharmacy benefits management company ("PBM") with a strong focus on health plans and self-funded employers, Partners Rx is expected to serve as a key platform for Magellan's growing commercial PBM business unit.
"DCF's deep industry experience truly added value throughout the process. Their long-term commitment to Partners Rx and our goals as a company helped us achieve an outstanding outcome for our entire team. DCF's experience with strategic transactions involving privately held businesses was instrumental in completing this transaction," said Bob Field, chief executive officer of Partners Rx.
"Partners Rx's customer service and dedication to its open-book operating model have established the company as a leading provider of PBM services to middle market companies. We see the transaction with Magellan as providing the Partners Rx team with a platform to significantly expand operations throughout the PBM industry," said Dave Vorhoff, managing director, Deloitte Corporate Finance LLC, and co-head of DCF's life sciences and healthcare group.
ABOUT PARTNERS RX MANAGEMENT, LLC
Founded in 2001 and headquartered in Scottsdale, Arizona, Partners Rx is a leading transparent PBM. Since its inception,
Partners Rx has maintained a focus on offering a collaborative, partnership-based business model to reduce the overall cost of prescription benefit plans for middle market clients. For more information, visit www.partnersrx.com.
ABOUT MAGELLAN HEALTH SERVICES, INC.
Headquartered in Avon, Conn., Magellan Health Services, Inc. is a leading specialty health care management organization with expertise in managing behavioral health, radiology, and pharmacy benefits programs, as well as integrated health care programs for special populations. Magellan delivers innovative solutions to improve quality outcomes and optimize the cost of care for those served. As of June 30, 2013, Magellan's customers include health plans, employers and government agencies, serving approximately 34.0 million members in the behavioral health business, 17.4 million members in the radiology benefits management segment, and approximately 9 million members in the medical pharmacy management product. In addition, the pharmacy solutions segment served 40 health plans and employers, 25 states and the District of Columbia, and several pharmaceutical manufacturers. For more information, visit www.MagellanHealth.com.
ABOUT DELOITTE CORPORATE FINANCE LLC
Deloitte Corporate Finance LLC, a FINRA-registered broker-dealer and wholly-owned subsidiary of Deloitte Financial Advisory Services LLP, provides deal execution and lead financial advisory services to large corporate, middle market, and private equity firms. Deloitte Corporate Finance has access to the resources of the Corporate Finance Advisory practices of the member firms within the Deloitte Touche Tohmatsu Limited network of member firms, and their affiliates. Together with Deloitte Corporate Finance, these practices include in excess of 1,600 professionals, working collaboratively across 150 international locations. For more information, visit www.investmentbanking.deloitte.com.
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