Centene paid approximately $40 million in cash at closing. The transaction was funded through a combination of free cash and borrowings under Centene's $200 million credit facility.
Michael F. Neidorff, Centene's chairman and chief executive officer, stated, "We are pleased to close this acquisition and expand our specialty company operations into pharmacy management. Throughout 2006, we will continue to focus on growing our pharmacy benefit services to third party clients while internalizing the pharmacy spend and maximizing cost savings for our existing health plans."
About Centene Corporation
Centene Corporation provides multi-line managed care programs and related services to individuals receiving benefits under Medicaid, including Supplemental Security Income (SSI) and the State Children's Health Insurance Program (SCHIP). The Company operates health plans in Indiana, Kansas, Missouri, New Jersey, Ohio, Texas and Wisconsin. In addition, the Company contracts with other healthcare organizations to provide specialty services including behavioral health, disease management, nurse triage, pharmacy benefit management and treatment compliance. Information regarding Centene is available via the Internet at www.centene.com.