HEALTH NET SELLS MEDICARE UNIT TO CVS FOR $160M
NEW YORK (AP) — Health Net Inc. pronounced Monday it will sell the Medicare Part D stand-alone medication drug business to CVS Caremark for $160 million.
Health Net pronounced the commercial operation has about 400,000 members in 49 states and Washington DC, and it brings in we estimate $490 million in annual revenue. The understanding is scheduled to close during the second quarter, tentative capitulation from antitrust regulators.
The Woodland Hills, Calif., managed care association will continue to provide medication drug plans as part of the Medicare Advantage offerings.
CVS Caremark Corp., based in Woonsocket, R.I., is a single of the largest pharmacy benefits managers in the U.S. It is expanding the Medicare Part D commercial operation since as the population ages, more Americans will get their medication drug coverage from Medicare. In Apr 2011, CVS paid for Universal American Corp.’s Medicare Part D commercial operation for $1.25 billion, more than doubling the Medicare Part D business.
CVS also runs more than 7,300 drugstores.
Health Net shares fell twenty-three cents to $32.55 in midday trading, whilst CVS shares rose 5 cents to $41.51.
Source: health – Yahoo! News Search Results
NEW YORK (AP) — Health Net Inc. pronounced Monday it will sell the Medicare Part D stand-alone medication drug business to CVS Caremark for $160 million.
Health Net pronounced the commercial operation has about 400,000 members in 49 states and Washington DC, and it brings in we estimate $490 million in annual revenue. The understanding is scheduled to close during the second quarter, tentative capitulation from antitrust regulators.
The Woodland Hills, Calif., managed care association will continue to provide medication drug plans as part of the Medicare Advantage offerings.
CVS Caremark Corp., based in Woonsocket, R.I., is a single of the largest pharmacy benefits managers in the U.S. It is expanding the Medicare Part D commercial operation since as the population ages, more Americans will get their medication drug coverage from Medicare. In Apr 2011, CVS paid for Universal American Corp.’s Medicare Part D commercial operation for $1.25 billion, more than doubling the Medicare Part D business.
CVS also runs more than 7,300 drugstores.
Health Net shares fell twenty-three cents to $32.55 in midday trading, whilst CVS shares rose 5 cents to $41.51.
Source: health – Yahoo! News Search Results