FRANKLIN LAKES, N.J. Medco Health Solutions, the pharmacy benefits manager has agreed to buy PolyMedica for about $1.5 billion, including the assumption of $213 million in PolyMedica debt. PolyMedica is a diabetes product supplier that sells the supplies under the brand name Liberty.
Medco will pay $53 per share for the company under the deal, a 17 percent jump from its closing price on Monday, which was $45.29. The purchase is the biggest one specifically in diabetes. 15 percent of drug spending, according to Medco, which cited the American Diabetes Association, comes from diabetes patients, who only make up 5 percent of the U.S. population.
As one of the top three pharmacy benefit managers, Medco’s purchase of PolyMedica will help it better control costs and keep diabetics from developing complications by providing the supplies needed to monitor and the medications to control their diabetes.