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Slide #51. Magellan Health Services — CDMI
Magellan Health Services (NASDAQ:MGLN)
Magellan Health Services, Inc. (NASDAQ:MGLN) today announced that it has entered into an agreement to acquire CDMI, LLC, a privately-held company that provides a range of clinical consulting programs and negotiates and administers drug rebates for managed care organizations (MCO) and other customers. Headquartered in Newport, R.I., and founded in 2009 by experienced pharmacy executives, CDMI has established strong relationships with MCOs and drug manufacturers. CDMI works with over 30 health plans, and in 2013 had net revenues of approximately $43 million, primarily derived from rebate management.
Magellan Health is engaged in the healthcare management business, and is focused on delivering solutions for the areas of health, including populations, pharmacy benefits, and other areas of healthcare. Co. provides services to health plans and other managed care organizations, employers, labor unions, various military and governmental agencies and third party administrators. Co.'s segments are: Healthcare, which is broken down into Behavioral and Specialty Health, and Magellan Complete Care reporting units; and Pharmacy Management, which comprises products and solutions that provide clinical and financial management of pharmaceuticals paid under both the medical and the pharmacy benefit.
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