LISLE, Ill. (AP) -- Catamaran, which recently changed its name from SXC Health Solutions, is declaring a two-for-one stock split.
The pharmacy benefits manager said Thursday that shareholders of record on Sept. 20 will receive one additional common share for each share they own.
The additional common shares will be distributed on Oct. 1.
"Due to our share price performance, we took this action to ensure that our price range is attractive to the widest possible audience of investors," Chairman and CEO Mark Thierer said in a statement.
Catamaran's stock closed at $87.31 on Wednesday. The shares are up 52 percent for the year to date.
The stock split will increase the number of Catamaran's outstanding shares to about 205 million from approximately 102.5 million.
Last month Catamaran Corp. reported that its second-quarter earnings climbed 27 percent, as acquisitions and new customers helped the pharmacy benefits manager's revenue grow.
Catamaran, which is based in Lisle, Ill., changed its name following its more than $4 billion purchase of fellow pharmacy benefits manager Catalyst Health Solutions Inc.
Pharmacy benefits managers run prescription drug plans for employers, government agencies and other clients, using their large purchasing power to negotiate lower drug prices. They make money by reducing costs for health plan sponsors and members.