Terms of the deal are not known yet but Express Scripts Holding Company (NASDAQ:ESRX) has confirmed its interest in acquiring Tampa-based myMatrixx. The nation’s largest pharmacy benefit management company claims that the purchase of the Florida firm will provide a significant platform of expanding its pharmacy services offerings for workers’ compensation clients.
Express Scripts is responsible for providing prescription drugs to millions of Americans. Tampa is a celebrated company in the provision of pharmacy benefit solutions. This is perhaps the reason that the north St. Louis County-based company would want to tap its expertise.
The acquisition will enhance customer experience and technology
MyMatrixx, which employs over 200 employees, has the industry knowledge and technology according to the company’s CEO Artemis Emslie. It also has new growth opportunities. All these put together explains that it has been striving to offer the best client experience in sustaining pharmacy services for workers’ compensation programs.
That said, Emslie thinks, “With the demand for customized pharmacy solutions only growing, now is the right time to partner with Express Scripts and leverage the size and scale of the nation’s largest PBM to benefit our clients.”
Express Scripts’ search for strategic acquisitions
Acquisitions and buyouts being so common, big market players are rushing out to acquire start-ups and sometimes without a defined purpose. However, there is a rising need of tapping into the technological revolution that is quickly rolling out.
Express Scripts acquisition of MyMatrixx may not be unique but it is strategic. The company’s interest was particularly in opportunities in cost containment, payer services, health care analytics and worker’s compensation. It has also reduced the amount that workers’ compensation payers will spend on a prescription drug by 7.6%.
Express Scripts has also revealed a possibility of losing Anthem; one of its largest customer at the expiry of the contract. This is the more reason it is being drawn towards the search for more acquisitions. In the meantime, Express Scripts stock was trading at $59.73 a fall of $0.43 or 0.71%.