Receive Breaking News updates as they occur
UnitedHealth Group said Monday it will acquire smaller rival Catamaran for $12.8 billion, in a move they said would give them more pricing power in the pharmacy benefits business. UnitedHealth will combine Catamaran with its own pharmacy benefit manager (PBM) OptumRx, which would propel the combined company to third place in the industry behind Express Scripts and CVS Caremark. "This combination is expected to create a dynamic competitor in the PBM market by combining the strengths of Catamaran's industry-leading technology platform with the data and analytics capabilities of Optum," the two said in a statement. UnitedHealth will pay $61.50 per share for Catamaran, a 27.3 percent premium over Catamaran's closing price Friday.
Cash-strapped Greece wrangled Monday with its creditors over a new package of reforms needed to unlock vital bailout funds as Prime Minister Alexis Tsipras prepared to face grilling in parliament on the negotiations. Experts from the IMF and the EU are scrutinising a list of reforms that Athens has proposed in its bid to get the creditors to release 7.2-billion euros ($7.81-billion) in loans. Greece's government says the reforms would help raise an extra three billion euros for its coffers without resorting to wage and pension cuts. "We're not there yet," European Commission spokesman Margaritis Schinas told reporters when asked about the progress of the talks.