McKesson has bought CoverMyMeds in a pending $1.1 billion deal.
The acquisition agreement also includes a maximum $0.3 billion of consideration, which is dependent on CoverMyMeds' fiscal performance.
Founded in 2008, CoverMyMeds provides an electronic prior authorization service that makes it easier to fill prescriptions. Since its inception, it has helped more than 50 million patients access medication.
When the pending transaction closes, CoverMyMeds Cofounder and CEO Matt Santland will continue to lead the company. CoverMyMeds' existing leadership team will remain on board.