Oct 10, 2017

Express Scripts buys medical benefits firm for $3.6 billion

Express Scripts is buying out a medical benefits firm for $3.6 billion. Photo: Jeff Roberson / AP

Express Scripts is acquiring EviCore Healthcare for $3.6 billion in yet another case of consolidation in the health care industry. EviCore is a medical benefits management company that attempts to reduce costs by routing patients to less expensive facilities.

Why it matters: Express Scripts is about to lose its lucrative pharmacy contract with Anthem, and pharmacy benefit managers in general have faced a lot of scrutiny over their role in the rising prices of prescriptions. This acquisition appears to try to offset those pressures, and it's also an attempt for Express Scripts to pair its pharmacy services with broader medical services.

Winners: EviCore's private-equity backers General Atlantic, TA Associates and Ridgemont Equity Partners, as well as six banks and law firms advising the two companies.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

Global: Total confirmed cases as of 6:30 p.m. ET: 18,387,725 — Total deaths: 696,586 — Total recoveries — 10,976,180 — Map.
U.S.: Total confirmed cases as of 6:30 p.m. ET: 4,758,028 — Total deaths: 156,426 — Total recoveries: 1,513,446 — Total tests: 57,543,852 — Map.
States: New York City health commissioner resigns in protest of De Blasio's coronavirus response — Local governments go to war over schools.
Public health: 59% of Americans support nationwide 2-week stay-at-home order in NPR poll.
Politics: Trump's national security adviser returns to work after coronavirus recovery — Republicans push to expand small business loan program.
Sports: Indy 500 to be held without fans — Rafael Nadal opts out of U.S. Open.

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At least 50 killed, 3,000 injured after massive explosion rocks Beirut

Photo: Anwar Amro/AFP via Getty Images

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Driving the news: Lebanon's health minister said in televised remarks that more than 50 people have been killed and over 3,000 injured. Prime Minister Hassan Diab said the explosions occurred at a warehouse that had been storing 2,750 tons of ammonium nitrate for the past six years, per NBC.

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1 hour ago - Economy & Business

"Mulan" will head to Disney+, home to more than 60 million subscribers

An outdoor ad for Disney's "Mulan" in Hollywood, California. Photo: Rich Fury/Getty Images

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Why it matters: It's a huge blow to movie exhibitors across the country that were relying on the Disney hit to come exclusively to theaters for at least a few months before being made available to consumers at home via streaming.

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