McKesson to acquire Per-Se Technologies

McKesson Corp., the biggest U.S. drug distributor, said Monday that it would buy software provider Per-Se Technologies Inc. for $1.8 billion to expand its electronic data business, whose customers include doctors, hospitals and pharmacies.

McKesson would pay $28 a share in cash for Alpharetta, Ga.-based Per-Se, the companies said. That’s 15% higher than Per-Se’s Friday closing price of $24.45. The total price includes outstanding debt.

Already the distributor of a third of the drugs used in North America, McKesson also is competing with General Electric Co. and Germany-based Siemens to sell technology that can speed the billing process and improve record keeping in healthcare, an analyst said.

Per-Se said its customers included 100,000 doctors, 3,000 hospitals and 50,000 pharmacies.

“McKesson is buying the reputation of Per-Se,” said Gene Mannheimer, an analyst at Caris & Co. in San Diego. “It makes sense strategically.”

The acquisition may reduce per-share profit in fiscal 2008, which starts April 1, by 1% to 2%, said Larry Kurtz, a McKesson spokesman.

McKesson shares gained even with the prospect of a slight reduction in full-year profit, a sign that investors support the strategy, Mannheimer said.

Shares of San Francisco-based McKesson rose $1.17 to $49.69. They have fallen 3.7% this year. Per-Se rose $3.10 to $27.55 and have gained 18% this year.