St Louis, MO (WorkersCompensation.com) - Express Scripts (NASDAQ: ESRX) today announced it is taking an important step in expanding its customized workers' compensation pharmacy solutions by acquiring myMatrixx, a pharmacy benefit solutions provider for the workers' compensation industry. The companies will merge core capabilities to deliver best-in-class clinical expertise, advanced analytics, and customized client experiences to serve workers' compensation clients and injured patients.
Terms of the transaction were not disclosed. Bryan Cave LLP andSkadden, Arps, Slate, Meagher & Flom LLPserved as legal counsel toExpress Scripts. SunTrust Robinson Humphrey acted as myMatrixx's exclusive financial advisor andAkerman LLPserved as myMatrixx's legal counsel.
The combination ofExpress Scriptsand myMatrixx will make enhanced pharmacy services offerings available to current and prospective workers' compensation clients. The combined workers' compensation team will be led by Artemis Emslie, currently Chief Executive Officer of myMatrixx.
"We are proud to create best-in-class pharmacy services for workers' compensation programs by combining our deep expertise with the market-leading myMatrixx customer experience and technology," saidExpress ScriptsPresident & CEOTim Wentworth. "We are well-equipped to address our clients' evolving needs. Our unique combination of scale, technology, and a customized client experience sets the standard for workers' compensation programs."
"myMatrixx's industry knowledge, technology and client experience have put us at the forefront of pharmacy services for workers' compensation programs," said Ms. Emslie, myMatrixx CEO. "With the demand for customized pharmacy solutions only growing, now is the right time to partner withExpress Scriptsand leverage the size and scale of the nation's largest PBM to benefit our clients."
With more than 83 million members,Express Scriptsbrings an ability to invest resources into advanced analytics.Express Scriptswill leverage its clinical expertise innovation, client services, and strong marketplace footprint on behalf of its workers' compensation program. myMatrixx's strong reputation in the market for client services and agility will generate new growth opportunities and the combination will create more customer value.
Underlining the growing need for novel workers' compensation solutions, earlier this month, Express Scriptsreleased new data finding that the company's innovative solutions lowered prescription drug spending for workers' compensation payers overall by 7.6 percent in 2016. Much of this reduction can be ascribed to a sixth consecutive year of decline in overall opioid trend. In 2016, opioid trend decreased 13.4 percent due to a combination of Express Scripts'clinical solutions, aggressive client management, and state and federal opioid regulatory trends.
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