Model N, a revenue optimisation platform for life sciences companies, has acquired Kalderos, a technology firm providing gross-to-net intelligence for 340B drug discount programmes. Financial terms were not disclosed. Kalderos' Truzo platform offers real-time data visibility across drug discount programmes, enabling compliance monitoring and dispute resolution between manufacturers and healthcare providers. The acquisition addresses growing challenges as manufacturers navigate Medicare drug price negotiations and increasing 340B claims data requirements. Model N's 2026 State of Revenue Report found only 1% of life sciences revenue leaders have real-time visibility into 340B discounts and rebates. The combined solution will integrate contracting, claims validation and payment processes. Model N currently manages $1.3 trillion in gross revenue for pharmaceutical and medical technology customers. J.P. Morgan Securities advised Kalderos on the transaction.

Model N acquires Kalderos to expand its 340B capabilities and gross-to-net revenue management. June 17, 2026 Deal adds claims-level visibility to help manufacturers identify duplicate discounts earlier and reduce revenue leakage REDWOOD CITY, Calif., June 17, 2026 - Model N, a leading end-to-end commercialization, revenue optimization, and compliance platform for life sciences companies, announced it has acquired Kalderos, a technology company that provides a gross-to-net (GTN) intelligence platform with rich capabilities for driving visibility into 340B drug discount programs. The acquisition will expand Model N's capabilities as a leading revenue management platform for life sciences manufacturers and extend its 340B offerings to better serve customers. 340B, a federal program that requires drug manufacturers to sell outpatient drugs at discounted prices to eligible safety-net hospitals and clinics, is a core and growing component of the overall GTN value chain. Manufacturers are managing 340B amid Medicare drug price negotiations, potential future pricing models such as most-favored-nation (MFN), and growing scrutiny of 340B claims-level data requirements. These pressures are increasing the need to identify discount discrepancies and optimize revenue. Model N's 2026 State of Revenue Report found that only 1% of life sciences revenue leaders have real-time visibility into 340B discounts, Medicaid and Medicare rebates, and utilization rebates. Kalderos' Truzo solution directly addresses these challenges through an end-to-end drug discount management platform that provides real-time data visibility across multiple drug discount programs, enabling effective compliance monitoring, claim validation, and dispute resolution between manufacturers and covered healthcare providers. The added 340B data also strengthens Model N's advanced analytics strategy, giving manufacturers more complete information across the revenue lifecycle. "Model N delivers the commercial platform life sciences leaders rely on to expand market access, optimize revenue, and maintain compliance," said Bret Connor, CEO of Model N. "Through Kalderos, we are providing a more proactive and precise way to manage complex drug pricing programs through a single, fully integrated revenue management solution. This is critical as pricing programs, rebate requirements, and 340B data demands become more complex." As part of Model N, Kalderos and the Truzo platform gain access to increased scale, customer relationships, and commercial infrastructure to accelerate their impact across the life sciences industry. The unified solution will connect contracting, claims validation, and dispute and payment processes, helping customers act on potential discount issues with clear, supporting data. "Kalderos was built to give manufacturers a transparent, claims-level view of 340B activity, helping them proactively identify non-compliance and reduce revenue leakage," said Angie Franks, Kalderos' CEO. "By joining Model N, we're bringing these capabilities into a revenue management platform already trusted by leading pharmaceutical manufacturers, enabling more informed decisions and better outcomes across the revenue lifecycle." Model N recently announced it now manages $1.3 trillion in gross revenue for pharmaceutical and medical technology customers. The company also recently launched Data nSights, an AI-ready integrated data and analytics solution, and expanded agentic workflows across pricing, deal execution, and gross-to-net. Advisors J.P. Morgan Securities LLC acted as exclusive financial advisor to Kalderos in connection with this transaction. Cooley LLP acted as legal counsel to Kalderos in connection with the transaction. Kirkland & Ellis acted as legal counsel to Model N in connection with the transaction. About Model N For more than 25 years, Model N has been the leader in end-to-end commercialization, revenue optimization, and compliance for pharmaceutical, medtech, and high-tech innovators. With a focus on innovation and customer success, Model N helps manufacturers streamline their revenue operations and remain compliant, empowering them to deliver life-changing products to the world. Its intelligent platform, purpose-built solutions, and advanced analytics and AI automation are trusted by more than 150 of the world's leading companies across more than 120 countries. For more information, visit www.modeln.com. About Kalderos Kalderos is a health technology company focused on delivering an independent, authoritative view of financial operations across the pharmaceutical ecosystem. Through its Truzo platform, Kalderos has created a purpose-built gross-to-net intelligence platform that consolidates claims-level information to enable proactive revenue management decisions. Built on the analysis of billions of dollars in drug purchases and discounts, Kalderos offers clients an unrivaled view of market activity, unifying data across 340B, Medicare, Medicaid, and commercial programs to enable precise, scalable, and auditable insights at the claim level. Headquartered in Chicago, Kalderos was founded in 2016 and continues to pursue its goal of creating an objective source of financial truth for the gross-to-net ecosystem that eliminates misalignments and waste and promotes a more sustainable market for pricing and paying for prescription drugs. To learn more about Kalderos, please visit www.kalderos.com.