Walgreen Said to Seek Sale of Pharmacy-Benefits Unit

Walgreen Co., the largest U.S. drug-store chain, is looking to sell its pharmacy-benefits management business and has hired an adviser to run an auction, said three people with knowledge of the matter.

The sale of the PBM unit, which Walgreen started in 1995, may fetch $500 million to $1 billion depending on what assets are included in the deal, said the people, who declined to be identified because the talks are private. Walgreen, based in Deerfield, Illinois, is being advised by Bank of America Corp., the people said.