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Thursday, July 21, 2011

Express Scripts buying Medco for $29.1B

Express Scripts Inc. agreed to buy Medco Health Solutions Inc. for $29.1 billion in cash and stock, a deal that combines two of the largest U.S. pharmacy-benefit managers at a time when health-care services companies are

Express Scripts Inc will buy rival Medco Health Solutions Inc for $29.1 billion, creating a U.S. powerhouse in managing prescription drug benefits that is sure to draw antitrust scrutiny.

July 21 (Bloomberg) — Arthur Henderson, an analyst at Jefferies & Co., talks about Express Scripts Inc. agreement to buy Medco Health Solutions Inc. for $29.1 billion to become the largest pharmacy-benefits manager in the US Henderson speaks with

However, the move comes just as Medco, which is the largest PBM, lost an important $11 billion contract with UnitedHealth Group that accounted for 17 percent of its business. Medco has also lost other big contracts

"In recent years, the major PBMs like Express Scripts and Medco have paid out $370 million to settle claims of fraud and deceptive practices. That 'rap sheet' is likely to only grow longer if this merger is approved and competition is further reduced

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