Wednesday, October 11, 2017 1:00 am
Express Scripts to buy eviCore
NEW YORK – Pharmacy-benefits manager Express Scripts Holding Co. will buy privately held eviCore health care for $3.6 billion, bolstering its medical benefit management services.
St. Louis-based Express Scripts is buying the Bluffton, South Carolina, company from investors, including General Atlantic, TA Associates and Ridgemont Equity Partners. The purchase is expected to close in the fourth quarter.
“Together with eviCore, Express Scripts will be an even more powerful partner in managing costs for patients and payers, bringing us closer to our goal of becoming the nation's leading patient benefit manager,” said Tim Wentworth, Express Scripts CEO.
EviCore contracts with health plans and commercial clients to manage health care services.
PBMs run prescription drug plans for employers, insurers and other customers. They process mail-order prescriptions and handle bills for prescriptions filled at retail pharmacies.
Honeywell to retain aerospace division
Honeywell is spinning off businesses with annualized sales of more than $7 billion but holding on to its lucrative aerospace division.
Becoming two separate and publicly traded companies, Honeywell said Tuesday, are its homes product portfolio and ADI global distribution business, along with its transportation systems business.
Activist investors, most notably Dan Loeb's Third Point, pushed Honeywell to spin off its aerospace division in April. Honeywell said it reviewed those proposals but ultimately decided it would be better for the company to hold on to its defense business.
In a conference call Tuesday, Honeywell CEO Darius Adamczyk said aerospace is poised for growth.
Pfizer may sell off non-Rx health unit
Pfizer may be done selling ChapStick, Advil, Robitussin and other brands that people can buy without a prescription.
The pharmaceutical giant is weighing options for its consumer health care business. It may spin off or sell the unit, which also produces Advil, Preparation H and the Centrum brand of vitamins. Pfizer may also leave the business as is, with no sale.
The New York drugmaker expects any decisions on the business to be made next year.
Chairman and CEO Ian Read said Tuesday that consumer health products are distinct enough from the company's main biopharmaceutical business that its value might be “more fully realized” outside the company.
BAE prepares to cut 2,000 England jobs
British defense company BAE Systems said Tuesday it is cutting almost 2,000 jobs in its military, maritime and intelligence services amid a slowdown in orders for its Typhoon fighter jets.
CEO Charles Woodburn said in a statement that the cuts are necessary to “align our workforce capacity more closely with near-term demand and enhance our competitive position to secure new business.”
The jobs lost are largely at five sites over three years, including Warton and Samlesbury in northwest England, where the Typhoon is assembled.
The company said that while it expects Typhoon orders from Qatar, the order's timing is uncertain and production is being slowed.