Aetna Inc. is acquiring Lewisville, Texas-based Horizon Behavioral Services, a leading provider of employee assistance programs to midsized and large employers, for $70 million in cash.
Aetna is buying the EAP from Psychiatric Solutions Inc., the nation’s largest operator of owned or leased free-standing psychiatric patient facilities. Franklin, Tennessee-based Psychiatric Solutions offers behavioral health programs for critically ill children, adolescents and adults, and owns or leases free-standing psychiatric inpatient facilities with more than 10,000 beds in 31 states, Puerto Rico and the U.S. Virgin Islands.
Psychiatric Solutions also manages psychiatric inpatient facilities for government agencies and within medical/surgical hospitals owned by others.
Its EAP unit, Horizon Behavioral Services, has approximately 1,400 contracted employer clients representing more than 5 million covered lives in all 50 states and abroad.
Separately, Hartford, Connecticut-based Aetna responded to a report that it was planning to sell its pharmacy benefit manager.
“Aetna remains committed to our integrated value proposition and clinical integration of pharmacy benefits remains a core element of Aetna’s strategy. We believe our integration strategy continues to differentiate us in the marketplace,” the company said in a statement. “We are always willing to explore options that could add value to our shareholders and customers.”
The Wall Street Journal, citing people familiar with the matter, reported that Aetna’s PBM was being shopped by investment banks, and potential purchasers included CVS Caremark Corp., Medco Health Solutions Inc. and Express Scripts Inc.