Rite Aid sells $1B subsidiary
Article Abstract:
PCS Health Systems Inc, the drug-benefits management unit of drugstore chain Rite Aid, is being acquired by Advance Paradigm of Texas for $1 billion. The purchase, announced on Jul 12, 2000, will result in the creation of the US' biggest pharmacy-benefits manager that will oversee the drug benefits of 75 million individuals. Drug-benefits management firms are companies that handle billing, negotiates discounts with drugmakers and retailers and helps in deciding the drugs that are covered in company health plans.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 2000
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Aetna to sell financial services, keep health
Article Abstract:
Aetna announced that it will sell its financial services group to Dutch conglomerate ING Group for $7.7 billion. ING will pay $5 billion in cash and assume $2.7 billion in debt in acquiring the financial services group. The sale caps a very tumultous period for the company, which saw its CEO resign and refusing an earlier buyout offer. The company also announced that it would also spin off its health services unit into a new company, which would retain the name Aetna.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 2000
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Over the Internet: Rite Aid buys slice of Drugstore.com
Article Abstract:
Drugstore.com has sold 25% of its stock to Rite Aid for $7.6 million. The deal gives Rite Aid access to the fledgling online pharmacy industry, which may have a bigger potential than online bookselling. Drugstore.com, on the other hand, gains access to over 50 million insured patients in Rite Aid's pharmacy benefit unit, PCS. The deal also allows Drugstore.com to offer same-day pickup at 3,800 Rite Aid stores across the US.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1999
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Comment about this article or add new information about this topic:
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