Economics
Walgreen to Sell Pharmacy Benefit Manager for $525 Million
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Walgreen Co., the largest U.S. drugstore chain, agreed to sell its pharmacy-benefit management business for $525 million to Catalyst Health Solutions Inc. to focus on its network of stores.
Transition costs for the deal, scheduled to occur by June, will be about $40 million, the Deerfield, Illinois-based chain said today in a statement. Walgreen’s PBM unit, begun in 1995, negotiates drug prices for corporate and government insurance plans and manages employee pharmacy claims.