SXC Health Solutions Unveils a New Name Following Merger: Catamaran
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.
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.