Magellan Health Services Inc. said Tuesday that it will acquire privately held CDMI LLC for $205 million, plus potential contingent payments, as part of its effort to grow its pharmacy business.

CDMI’s relationships, clinical products and services coupled with Magellan’s industry leading pharmacy-offerings are expected to improve the pharmacy business of the acquirer, which posted ...

CDMI works with over 30 health plans, and in 2013 had net revenues of approximately $43 million, primarily derived from rebate management. “CDMI and Magellan Rx Management have similar cultures ...

CDMI had just $43 million in net revenue last year. But Avon-based Magellan will pay as much as $370 million for the firm, which manages rebates and drug formulary compliance for health plans.

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CDMI is headquartered in Newport, Rhode Island, and derived the majority of its $43 million in 2013 net revenue from managing drug rebates. The company counts more than 30 health plans as customers.

Magellan Health Services Inc. said Tuesday that it will acquire privately held CDMI LLC for $205 million, plus potential contingent payments, as part of its effort to grow its pharmacy business.