UnitedHealth sets sail for drug manager Catamaran

UnitedHealth Group, the nation's largest medical insurer, plans to buy drug benefits manager Catamaran in an effort to contain pharmaceutical drug prices. The deal, valued at nearly $13 billion ($61.50 a share), is designed to help the insurer seek better prices with pharmaceutical companies and drug stores. Shares of Catamaran jumped 24% to $59.83, while UnitedHealth gained 2.5% to $121. Catamaran was formed in 2012 after the merger of SXC Health Solutions and PBM Catalyst Health Solutions and helps healthcare plans reduced prescription drug costs. The company will be folded into United Health's OptumRX pharmacy care services unit.