CoverMyMeds Signs Definitive Agreement to be Acquired By McKesson
Feb 17, 2017 | Angela Masciarelli
Today we announced that CoverMyMeds has signed a definitive agreement to be acquired by McKesson Corporation, subject to customary closing conditions. Our plan with McKesson is one of the most important steps we’ve ever taken to maximize the impact we have on our mission and to be the best place to work in Ohio.
McKesson, which ranks 5th on the FORTUNE 500, is a healthcare services and information technology company dedicated to making the business of healthcare run better. McKesson partners with payers, hospitals, physician offices, pharmacies, pharmaceutical companies and others across the spectrum of care to improve their financial, operational, and clinical performance.
We started CoverMyMeds in 2008 with a mission to help patients get the medication they need to live healthy lives. Today, our products streamline the prior authorization (PA) process for 47,000 pharmacies, 700,000 prescribers and the nation’s largest pharmacy benefit managers (PBMs) and payers.
Our mission is highly aligned with McKesson’s mission for better healthcare for all, and we have partnered with Mckesson’s RelayHealth Pharmacy since 2010. Once the transaction closes and we become part of McKesson, we are excited to build on our long-term partnership so that the combined capabilities of both companies are used to bring even more innovative solutions to pharmacies, providers, payers, manufacturers, and patients.
Following the close of the transaction, CoverMyMeds will operate as an independent business unit under its existing leadership team. Co-founders Matt Scantland and Sam Rajan have made a long-term commitment to the company, with Matt continuing to serve as CEO of the company, and Sam continuing his leadership in sales. CoverMyMeds remains committed to Columbus and Cleveland, and we look forward to continuing to grow in Ohio.
Until the close of the transaction, McKesson and CoverMyMeds are separate, independent entities.
We’re excited for the future and our ability, now more than ever, to help patients get the medication they need to be well and for CoverMyMeds to be the best place to work in Ohio.
Read the official press release.