Nashville, Tenn.-based Change Healthcare (Nasdaq: CHNG) completed the acquisition of eRx Network, a provider of secure data-driven solutions for pharmacies, for a purchase price of $212.9m plus cash on the balance sheet.
The transaction supports Change Healthcare’s commitment to focus on and invest in core aspects of the business to accelerate long-term growth and advance innovation.
The combined synergies will offer a broader solutions portfolio to pharmacies and life sciences companies and facilitate innovations on health plan solutions driven by a comprehensive view of members’ claims, bills, payments, and now, pharmacy interactions. From an innovation standpoint, Change Healthcare will now be able to leverage the valuable combination of medical and pharmacy data, and provide eRx customers the benefits of the Intelligent Medical Network with scalable cloud-based technologies.
eRx operates a real-time network, which allows pharmacies to improve operational efficiency and optimize reimbursement, enabling providers to exchange electronic prescriptions with pharmacies. eRx also facilitates partner programs that help pharmacies improve profitability and helps payers, pharmaceutical companies, and other industry stakeholders administer patient-centric programs.
The company generated approximately $67m in annual revenue for the twelve-month period ended February 29, 2020.
Led by Neil de Crescenzo, president and CEO, Change Healthcare is an independent healthcare technology company that provides data and analytics-driven solutions to improve clinical, financial and patient engagement outcomes in the U.S. healthcare system.