Buyer: McKesson Corporation
Seller: CoverMyMeds LLC
McKesson Corporation announced it will acquire CoverMyMeds LLC for up to $1.4 billion, a portion of which is contingent upon the company’s future financial performance. CoverMyMeds was founded in 2008 with the mission to help patients get access to the appropriate medication they need to live healthy lives. CoverMyMeds’ electronic prior authorization (ePA) service automates and accelerates the prescription approval process, which otherwise is manual and time consuming.By ensuring appropriate access to medications, CoverMyMeds helps customers avoid administrative waste and unnecessary medical spending caused by prescription abandonment. The pending acquisition by McKesson will allow both companies to enhance the value they provide to their customers across the healthcare spectrum. Once the transaction closes, CEO and co-founder Matt Scantland will continue to lead the company with the existing leadership team, who will run the company from its Columbus and Cleveland, Ohio operations.
McKesson Corporation completed its previously announced acquisition of Vantage Oncology LLC (Manhattan Beach, CA). Vantage Oncology is now part of McKesson’s Specialty Health business. Additional details of the transaction were not disclosed.