Millennium Laboratories Announces Strategic Acquisition of RxAnte
News Jan 16, 2014
Millennium Laboratories has announced its acquisition of RxAnte, a health care predictive analytics and decision support company that improves population-level medication adherence on behalf of health plans, pharmacy benefit management companies, pharmacy chains, and health care providers. Terms of the transaction were not disclosed.
The acquisition will link two rapidly growing health care technology companies that share a strong commitment to improving the safe and effective use of prescription medications through personalized, technology-enabled drug therapy management solutions.
Millennium currently offers medication monitoring using urine drug testing (UDT) and pharmacogenetic testing (PGT) to health professionals treating, pain, substance use disorders, psychiatric disorders, and other chronic diseases. RxAnte is a venture-backed digital health care start-up launched in 2011 and based in the Washington, DC area. Investors in RxAnte included Aberdare Ventures and the West Health Investment Fund. Allen & Company LLC served as financial advisor to RxAnte in connection with this transaction.
RxAnte, whose predictive analytics and decision support platform now manages the medication adherence of over 8 million unique patients, will operate as a wholly owned subsidiary of Millennium. The company’s suite of products for payers and health care providers identifies patients at risk of avoidable costs due to improper medication use or non-adherence and then recommends specific steps for practitioners, pharmacists, and other members of the care team to support at-risk patients.
“Improving medication adherence is increasingly recognized as one of the biggest opportunities to improve patient outcomes and quality of care while slowing the growth of health care costs,” said Millennium’s CEO, Brock Hardaway. “The acquisition of RxAnte represents an exciting step for Millennium in continuing to pursue its strategic vision to improve care quality and health outcomes.”
RxAnte Founder and President, Josh Benner, said, “Payers and providers have strong, new incentives to help their patients get the most from their prescription medicines. What these organizations need now are the tools to help them target and tailor the right treatments and behavioral support to each patient. Together, RxAnte and Millennium offer a robust set of solutions for accomplishing exactly that.”
Beyond continuing to grow their respective core businesses, Millennium and RxAnte also plan to collaborate on new products and services to help payers and health care providers further personalize drug therapy management, improve population health, and reduce the avoidable costs of medication misuse.