Centene Corporation Subsidiary to Acquire Cardium Health Services; Further Expands Disease Management Capabilities
Posted on: Wednesday, 10 May 2006, 09:10 CDT
Centene Corporation (NYSE: CNC) today announced that its specialty company subsidiary, CenCorp Health Solutions, has acquired Cardium Health Services Corporation (Cardium Health), a Connecticut-based chronic disease management company. Cardium Health, an innovator in chronic disease management, focuses on individuals diagnosed with coronary artery disease, congestive heart failure and diabetes, among others; the company offers its services to self-insured employers and other benefit plan sponsors.
William N. Scheffel, Centene's Senior Vice President and Chief Executive, Specialty Companies, stated, "This acquisition gives us additional product breadth and continues to demonstrate our carefully planned strategy to build a multi-line managed healthcare enterprise. The addition of Cardium Health expands our specialty company platform into a full spectrum of disease states and complements our existing capabilities."
The purchase price for the transaction is $12.0 million in cash with the potential of an additional $1.0 million subject to achieving certain financial targets in 2006 and 2007. Centene does not expect the acquisition to have a material impact on 2006 earnings.
About Centene Corporation
Centene Corporation is a leading multi-line healthcare enterprise that provides programs and related services to individuals receiving benefits under Medicaid, including Supplemental Security Income (SSI) and the State Children's Health Insurance Program (SCHIP). The Company operates health plans in Indiana, Kansas, Missouri, New Jersey, Ohio, Texas and Wisconsin. In addition, the Company contracts with other healthcare organizations to provide specialty services including behavioral health, disease management, nurse triage, pharmacy benefit management and treatment compliance. Information regarding Centene is available via the Internet at www.centene.com.
Source: Business Wire
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