HSCS to pay $121M for MEDecision
Wayne-based MEDecision agreed to sell to Health Care Service Corp., Chicago, which runs Blue Cross plans in Texas, Illinois, etc., for $121M, or $7 per share. MEDecision went public in late 2006 at $10 a share. It's the second med records company CEO David St. Clair has sold in 20 years.
Health Care Service Corp., a Chicago company that runs nonprofit Blue Cross plans in Texas, Illinois and other states, agreed to pay $121M, or $7 per share, for MEDecision, a Wayne medical-software company. Release
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MEDecision CEO David St. Clair, who sold his previous med software company, Gabrieli Medical Information Co., to McKesson Corp. 20(!) years ago, says HCSC will expand MEDecision and its staff of 250. HCSC spokesman Mark Lane confirms this. The deal should close later this year.
MEDecision went public a year and a half ago at $10 a share but has been trading lately at between $1 and $2. Big investors include Great Point Partners, AWM Investments (Special Situation Fund), and the Pennsylvania Public School Employees' Retirement System (PSERS).