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Summary Box: Walgreen sells PBM unit to Catalyst

Wed, 03/09/2011 - 11:45am
The Associated Press

THE DEAL: Walgreen Co. is selling Walgreens Health Initiatives, its pharmacy benefits management business, to Catalyst Health Solutions Inc. for $525 million.

THE STRATEGY: The pharmacy benefits unit was not a major part of Walgreen's business compared to its drugstores, but the deal more than doubles the number of people whose prescription benefits are handled by Catalyst.

The sale highlights the differences between Walgreen, which is focused on its 7,689 stores, along with specialty and mail service pharmacies, and CVS Caremark Corp., which encourages PBM members to fill prescriptions at its nearly 7,200 stores.

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