SXC Health Solutions, National Medical Card Systems combine

By Lisa Kerner

Charlotte, N.C., April 30 - SXC Health Solutions Corp. acquired National Medical Health Card Systems, Inc. under the companies' merger agreement first announced in February, an SXC news release said.

It was previously reported that SXC agreed to acquire National Medical Health Card in a stock and cash deal valued at approximately $143 million, or some $11 per share. The combined company will be renamed informedRx.

An SXC subsidiary accepted for payment and exchange some 11,729,135 shares, or 90.15%, of National Medical Health Card's common stock. The price paid was $7.70 in cash and 0.217 of a common share of SXC for each National Medical Health Card share.

National Medical Health Card is a pharmacy benefits management services company based in Port Washington, N.Y.

SXC Health Solutions also provides pharmacy benefits management services as well as information technology solutions to the health care benefits management industry.

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