Mergers & Acquisitions
The company will redirect its resources to Evernorth Health Services and Cigna Healthcare.
The resulting lack of competition would increase annual healthcare costs by several million dollars, says FTC.
Paramount will continue to offer its health plans, with no immediate change to how current members do business with either company.
Decision is forced by ongoing financial challenges with Saltzer "optimistic" a buyer can be found.
Investor confidence is spurred by an expectation of lower interest rates, while the presidential election looms as a question mark.
In addition to the acquisition, the company has named Jim Moffett as FastMed's new CEO, the company said.
The organizations said they would continue to collaborate with each other, but as two separate health systems.
Paragon provides infusion services to patients through an omnichannel model.
The purchase price for the transaction, net of certain tax benefits, is reduced from $510 million to approximately $425 million.
The combined systems would create a 30-hospital network with a reported $14 billion in revenue.