SXC Health Solutions changes name to Catamaran
LISLE, Ill. — Pharmacy benefit manager SXC Health Solutions has picked a new name following its recent merger with another PBM, the company said.
SXC, which recently merged with Catalyst Health Solutions to become the country's fourth-largest PBM by prescription volume, said it has changed its name to Catamaran. The company's shares will be traded under the ticker CTRX on the Nasdaq and as CCT on the Toronto Stock Exchange starting Wednesday. The company said the new name would reflect its "nimble, flexible" approach to serving clients.
"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," Catamaran chairman and CEO Mark Thierer said. "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 merged company expects annual revenues of $13 billion, which it said would place it among the top 25 companies in the country and among the top 15 in the Chicago metropolitan area. The company will serve 25 million members and will have an annual volume of more than 200 million adjusted pharmacy benefits management prescriptions. Thierer will serve as the company's chairman and CEO, while Jeff Park will serve as its EVP and CFO, and former Catalyst president and COO Rick Bates will serve as EVP market segments. Former Catalyst chairman and CEO David Blair will provide ongoing support to the combined company and ensure a "seamless and successful" integration.