Catamaran Corp. (Nasdaq: CTRX) is buying Restat LLC, a pharmacy benefit manager, for $409.5 million in cash.

Milwaukee, Wis.-based Restat provides prescription claim processing services for self-funded employers, third-party administrators, workers’ compensation plans, health plans and unions.

Catamaran, headquartered in Lisle, Ill., is also a pharmacy benefits manager. The company manages more than 250 million prescriptions per year. The deal will add mail ordering and other services to Restat’s clients.

The company plans to finance the deal with borrowings under its revolving credit facility and cash on hand. Catamaran expects Restat to contribute about $45 million in annual Ebitda. 

Leerink Swann served as Restat’s financial adviser on the deal.

Other recent heath care deals include Community Health Systems Inc.’s purchase of Health Management Associates, Mednax Inc. (NYSE: MD)’s purchase of Sanjay P. Patel MD PA, and Zotec Partners LLC’s acquisition of Medical Management Professionals Inc. for $200 million. 

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