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Catalyst Health Solutions Completes Acquisition of Walgreens Health Initiatives

^{Published on 2011-06-13 05:51:01 - Market Wire}
 

ROCKVILLE, Md.--([ BUSINESS WIRE ])--Catalyst Health Solutions, Inc. (NASDAQ:CHSI) today announced it has completed its acquisition of Walgreensa™ pharmacy benefit management (PBM) subsidiary, Walgreens Health Initiatives, Inc. (WHI). Catalyst funded the transaction with a combination of cash on hand and amounts available under its credit facility.

"We have been pleased with the integration planning and are highly confident that the Company will rapidly realize the many strategic and financial benefits of this transaction"

Over the past several months, teams of Catalyst and WHI associates have been collaborating to identify best practices from both organizations to ensure an efficient and successful integration. aWe have been pleased with the integration planning and are highly confident that the Company will rapidly realize the many strategic and financial benefits of this transaction,a said David T. Blair, Chief Executive Officer of Catalyst.

The Company will issue a separate press release and conduct a special investor conference call on July 7, 2011 to further discuss the WHI acquisition and provide updated 2011 financial guidance. The financial guidance will incorporate estimated revenue and earnings contributions from WHI as well as the expected timing and scope of upfront integration and transactional expenses.

About Catalyst Health Solutions, Inc.

Catalyst Health Solutions, Inc., the fastest-growing national PBM in the U.S., is built on strong, innovative principles in the management of prescription drug benefits and provides an unbiased, client-centered philosophy resulting in industry-leading client retention rates. The Company's subsidiaries include Catalyst Rx, a full-service pharmacy benefit manager (PBM) serving more than 7 million lives in the United States and Puerto Rico; HospiScript Services, LLC, one of the largest providers of PBM services to the hospice industry; FutureScripts, LLC, a full-service PBM serving approximately one million lives in the mid-Atlantic region, and Immediate Pharmaceutical Services, Inc., a fully integrated prescription mail service facility in Avon Lake, Ohio. The Company's clients include self-insured employers, including state and local governments, managed care organizations, unions, hospices, third-party administrators and individuals.

Forward-Looking Statements

This press release may contain aforward-looking statementsa as defined in the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties that might materially affect our results, particularly those risks referred to in our Annual Report on Form 10-K for the year ended December 31, 2010, and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, under aItem 1A. Risk Factors.a Readers are urged to carefully review and consider the various disclosures made in our Annual Report on Form 10-K, our Forms 10-Q, and our other filings with the Securities and Exchange Commission that attempt to advise interested parties of the risks and uncertainties that may affect our business. Catalyst Health Solutions, Inc. does not undertake any obligation to update forward-looking statements, whether as a result of new information, future events, or other developments.