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McKesson to acquire CoverMyMeds for up to $1.4 billion

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. McKesson and CoverMyMeds have partnered together to offer solutions for pharmacies since 2010. 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 their Columbus and Cleveland, Ohio operations.

Amount


$1.4B (a portion of the amoount is contingent upon CoverMyMeds' future financial performance)

Quotes


"It has been a pleasure to partner with the CoverMyMeds' founders and management team to grow this important business. CoverMyMeds solves a real pain point for doctors, pharmacies, manufacturers and payers. We are thrilled to have helped the CoverMyMeds team build their business. The company is in a tremendous position, and we wish them continued success as part of McKesson."
Chris Adams, partner at Francisco Partners, a CoverMyMeds investor
"Francisco Partners has been an invaluable partner to us. Their team offered support, thought leadership, and capital to help us grow rapidly and strategically into a business that will continue to have a huge impact and achieve lasting success with McKesson. We're very proud of what we were able to accomplish together."
Matt Scantland, CoverMyMeds Co-Founder and CEO
Links: Source

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