Center City’s HealthVerity has acquired cloud-based drug rebate platform Curisium

After a slew of hiring at the beginning of 2020 and recently revamping its office space in Center City,  HealthVerity announced this week that it has acquired cloud-based drug rebate company Curisium.

The Manhattan, California-based company that was launched in 2017 makes software to help pharmacy benefit managers process drug rebates and manage contract performance. The companies together will “deliver a more complete and responsive infrastructure for high-governance, privacy-compliant data sharing between pharmaceutical manufacturers, pharmacy benefits managers (PBMs) and payers,” HealthVerity said in a statement.

The financial details of the deal have not been disclosed.

HealthVerity, maker of a privacy-minded data marketplace for the pharma and insurance industries, had plans to hire after the five-year-old company took over an entire floor of 1818 Market St. late last year. It had also raised a $25 million Series C in the spring of 2019.

“We have more healthcare data now than probably any other company in the country,” HealthVerity COO Andrew Goldberg told Technical.ly in April. “And we’ll just keep hiring until we feel like we can keep up with the current demand for that data.”

The company was gunning toward reaching 100 employees when we checked in in April, with plans to add a few dozen more by the end of 2020. A spokesperson for HealthVerity told Technical.ly that Curisium’s seven employees are joining the company, and that for the near future, they will continue to work remotely from California.

Curisium’ framework and SaaS platform allows parties to “seamlessly negotiate and visualize contractual relationships around drug utilization,” similarly to HealthVerity’s approach to making its data ecosystem available for data sharing or analytic applications, said Andrew Kress, HealthVerity’s CEO, in a statement.

“The idea of creating a frictionless, standardized, scalable architecture to support privacy-protected data workflows is complementary to everything that we do,” Kress said.

He added that the disruptions due to COVID-19 and potential of proposed changes by the Centers for Medicare and Medicaid Services to value-based agreements lead the teams to believe it was an ideal time to scale additional tools.

Curisium cofounder and CEO Peter Kim said in a statement that the company’s clients will now have access to “clinically relevant outcomes” that benefitted from these healthcare contracts, and will allow for a greater understanding of the impact on patient lives.

“We see HealthVerity as being well positioned to become the premier network for privacy-protected data exchange across biopharma, payers, PBMs and pharmacies and we’re excited to join forces in this cause,” Kim said.