Davis Polk is advising McKesson Corporation on its acquisition of RxCrossroads, a provider of tailored services to pharmaceutical and biotechnology manufacturers, from CVS Health Corporation for $735 million in cash. The transaction is expected to close during the first quarter of 2018, subject to customary closing conditions.
McKesson Corporation is a global leader in health care supply chain management solutions, retail pharmacy, community oncology and specialty care, and health care information technology. McKesson partners with pharmaceutical manufacturers, providers, pharmacies, governments and other organizations in health care to help provide the right medicines, medical products and health care services, safely and cost-effectively. RxCrossroads provides hub service programs encompassing reimbursement support, integration with network pharmacies, patient adherence programs, specialty logistics services, sales operations support and mail-order pharmacy services to pharmaceutical, biotechnology and medical device manufacturers.
The Davis Polk corporate team includes partner Alan F. Denenberg and associate Jason Bassetti. The tax team includes partner Neil Barr and associates Patrick E. Sigmon and Tracy L. Matlock. Counsel Michele Ontiveros Gross and associate Jason J. Bang are providing intellectual property and technology advice. Counsel Cynthia Akard is providing executive compensation advice. Members of the Davis Polk team are based in the Northern California and New York offices.