Blue Cross and Blue Shield of Oklahoma Purchases Equity in Prime Therapeutics; Stock Purchase Affirms Commitment to Integrated Pharmacy Approach.

ST. PAUL, Minn. -- Blue Cross and Blue Shield of Oklahoma has signed an agreement to acquire an ownership interest in Prime Therapeutics LLC. The equity purchase reaffirms the collaborative partnership between Blue Cross and Blue Shield of Oklahoma and Prime Therapeutics, the provider of prescription drug benefits for approximately 250,000 Blue Cross and Blue Shield of Oklahoma members.

As part of the agreement, Ronald F. King, chairman, chief executive officer and president of Blue Cross and Blue Shield of Oklahoma, will hold a seat on the Prime Therapeutics board of directors. He joins other client representatives with ownership interest in Prime Therapeutics, including Blue Cross and Blue Shield plans in Minnesota, Nebraska, Illinois, Kansas, New Mexico, North Dakota, Texas and Wyoming.

"Blue Cross and Blue Shield of Oklahoma is committed to providing quality pharmacy care for our members, as well as doing everything we can to hold down the rising costs of prescription medications," said King. "In the past year, we've built a strong partnership with Prime, and our decision to purchase equity is based on the fact that Prime's commitments to full disclosure and an integrated pharmacy approach are in line with our own."

Pharmacy benefit services provided by Prime to Blue Cross and Blue Shield of Oklahoma include clinical programs, pharmacy network management, formulary administration, manufacturer contracting, and a Medicare-approved drug discount card.

"We are pleased that Blue Cross and Blue Shield of Oklahoma has chosen to invest in Prime. We both recognize the value of an integrated, in-house pharmacy solution, and we look forward to building on our success well into the future," said Tim Dickman, Prime's chief executive officer.

Blue Cross and Blue Shield of Oklahoma is an independent, Oklahoma-owned not-for-profit organization, providing benefit plans for nearly 850,000 Oklahomans. Blue Cross and Blue Shield of Oklahoma is a member of the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield plans.

Prime Therapeutics LLC is a thought leader in the pharmacy benefit management industry, transforming pharmacy through a customer-aligned and flexible business model that allows for unmatched collaboration with clients. Providing services nationwide to approximately 9 million covered lives, its client base includes several Blue Cross and Blue Shield plans, employer and union groups, and third party administrators. Headquartered in St. Paul, Prime Therapeutics is collectively owned by various Blue Cross and Blue Shield plans, subsidiaries or affiliates of those plans. Learn more at www.primetherapeutics.com.