Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nasdaq  >  Magellan Health Inc    MGLN

News SummaryMost relevantAll newsSector news 
The feature you requested does not exist. However, we suggest the following feature:

Magellan Health : to Acquire Veridicus Holdings, LLC

share with twitter share with LinkedIn share with facebook
share via e-mail
12/01/2016 | 08:26pm CET

By a News Reporter-Staff News Editor at Managed Care Weekly Digest -- Magellan Health, Inc. (NASDAQ:MGLN) announced that it has entered into an agreement to acquire Veridicus Holdings, LLC, a privately held pharmacy benefit management (PBM) organization with a unique set of clinical services and capabilities. Veridicus' differentiated approach to pharmacy management leverages proprietary analytics and clinical software that integrates pharmacy, medical and lab data to drive targeted interventions resulting in better health outcomes and lower costs for complex patient populations. In addition, Veridicus owns and operates a fully licensed insurance company which is contracted with the Centers for Medicare and Medicaid Services (CMS) and serves members enrolled in the Medicare Part D Employer Group Waiver Plan (EGWP) program (see also Medicare and Medicaid).

Headquartered in Salt Lake City and founded in 2006, Veridicus has approximately 130 employees. Veridicus serves a customer base with an underlying PBM membership of approximately 225,000 lives, the majority of which are under a long-term contract with a trust administering benefits for participating employers. Upon the closing of this acquisition, Doug Burgoyne, chief executive officer of Veridicus, and the Veridicus team will join Magellan Rx Management.

"As Magellan Rx Management continues to differentiate itself in the market by offering clinical management programs and a value-based approach, Veridicus' programs and expertise will be a welcome addition," said Barry M. Smith, chairman and chief executive officer of Magellan Health.

"I am pleased to welcome Veridicus and Doug Burgoyne to the Magellan Rx Management team," said Mostafa Kamal, chief executive officer of Magellan Rx Management. "This acquisition will build upon Magellan Rx Management's clinically oriented approach to PBM services with additional capabilities that further amplify our laser focus on improving quality of care and outcomes for the patients we serve, while reining in overall costs for payers. As we continue to solidify our position as a value-based PBM, this acquisition makes a great deal of strategic sense."

"Joining Magellan Rx Management right now is an exciting opportunity, and I'm pleased to be able to bring Veridicus' expertise to Magellan," said Burgoyne. "Our 10 years of experience, as well as our position as an industry leader in clinical care management on behalf of our commercial and Medicare Part D clients, will align well with Magellan Rx Management's vision and growth strategy."

The purchase price is $74.5 million to be paid at closing. Further details will be provided on Magellan Health's 2017 Guidance Call, to be held Tuesday, November 22, 2016.

Closing of the transaction is expected before the end of the year and is not subject to the Hart-Scott-Rodino Act. However, the transaction is subject to the approval of Utah state insurance regulators and other customary closing conditions.

Keywords for this news article include: Health Policy, Magellan Health Inc., Medicare and Medicaid.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2016, NewsRx LLC

(c) 2016 NewsRx LLC, source Health Newsletters

share with twitter share with LinkedIn share with facebook
share via e-mail
12/01 MAGELLAN HEALTH : to Acquire Veridicus Holdings, LLC
12/01 MAGELLAN HEALTH : Provides 2017 Financial Guidance
12/01 MAGELLAN HEALTH : Provides Free Counseling Services and Resources to Individuals..
11/22 MAGELLAN HEALTH,INC. (NASDAQ : MGLN) Files An 8-K Results of Operations and Fina..
11/22 MAGELLAN HEALTH INC : Results of Operations and Financial Condition, Financial S..
11/22 MAGELLAN HEALTH : Provides 2017 Financial Guidance
11/21 MAGELLAN HEALTH INC : Other Events, Financial Statements and Exhibits (form 8-K)
11/21 MAGELLAN HEALTH : to Acquire Veridicus Holdings, LLC
11/09 U.S. companies react cautiously to Trump victory
11/09 MAGELLAN HEALTH : Management's Discussion and Analysis of Financial Condition an..
More news
Sector news : Managed Healthcare - NEC
11/30DJANTHEM : Begins Defense of Cigna Merger at Antitrust Trial
11/29DJU.S. Stocks Edge Higher
11/29DJANTHEM : Testimony Shows Anthem and Cigna at Odds Over Proposed Merger -- Update
11/29DJUNITEDHEALTH : Gives Upbeat Outlook for 2017
11/29DJANTHEM : Testimony Shows Anthem and Cigna At Odds Over Proposed Merger
More sector news : Managed Healthcare - NEC
News from SeekingAlpha
11/22 Magellan sees non-GAAP earnings as high as $145M in 2017; shares down a fract..
11/21 Magellan Health buys PBM outfit Veridicus Holdings for $74.5M
11/09 Magellan Health Services' (MGLN) CEO Barry Smith on Q3 2016 Results - Earning..
11/09 Magellan Health Q3 top line up 9%; non-GAAP EPS up 80%; cash flow ops down 60..
11/09 Magellan Health Services beats by $0.72, beats on revenue
Financials ($)
Sales 2016 4 907 M
EBIT 2016 175 M
Net income 2016 72,0 M
Debt 2016 309 M
Yield 2016 -
P/E ratio 2016 22,07
P/E ratio 2017 16,73
EV / Sales 2016 0,40x
EV / Sales 2017 0,26x
Capitalization 1 671 M
More Financials
Duration : Period :
Magellan Health Inc Technical Analysis Chart | MGLN | US5590792074 | 4-Traders
Full-screen chart
Technical analysis trends MAGELLAN HEALTH INC
Short TermMid-TermLong Term
Technical analysis
Income Statement Evolution
More Financials
Mean consensus HOLD
Number of Analysts 6
Average target price 76,8 $
Spread / Average Target 6,7%
Consensus details
EPS Revisions
More Estimates Revisions
Barry M. Smith Chairman & Chief Executive Officer
Jonathan N. Rubin Chief Financial Officer & Executive Vice President
Gary D. Anderson Chief Information Officer
Karen Amstutz Chief Medical Officer
Srinivas Koushik Chief Technology Officer
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
AETNA INC23.46%46 842
ANTHEM INC4.06%38 224
HUMANA INC19.67%31 852
More Results