By Colin Kellaher

UnitedHealth Group Inc. (UNH) on Monday said it agreed to buy Diplomat Pharmacy Inc. (DPLO) for $4.00 a share in cash, a roughly 31% discount to Friday's closing price.

Shares of Diplomat, a Flint, Mich., provider of specialty pharmacy and infusion services, closed Friday at $5.81.

UnitedHealth, a Minnetonka, Minn., health insurer, said it will combine Diplomat with OptumRx, the pharmacy-care-services business of its Optum health-services unit.

UnitedHealth said the combination will support improved health outcomes and reduced prescription-drug costs while helping lower the overall total cost of care.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

December 09, 2019 06:35 ET (11:35 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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