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CVS seals deal
Source: Agencies |
January 1, 2011, Saturday
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CVS Caremark Corp yesterday said it will pay US$1.25 billion to Universal American Corp for its Medicare prescription drug services unit.
CVS said it wants to expand bigger in this area because "a growing portion of the country's population will receive their prescription drug coverage under Medicare plans."
CVS said the deal will more than double the size of its Medicare Part D business. Universal American's Part D business serves about 1.9 million Medicare members while CVS serves 1.2 million members.
Medicare Part D is the federally-subsidized prescription benefit program provided to Medicare beneficiaries.
CVS said it wants to expand bigger in this area because "a growing portion of the country's population will receive their prescription drug coverage under Medicare plans."
CVS said the deal will more than double the size of its Medicare Part D business. Universal American's Part D business serves about 1.9 million Medicare members while CVS serves 1.2 million members.
Medicare Part D is the federally-subsidized prescription benefit program provided to Medicare beneficiaries.
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