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CVS In Merger Talks With Caremark

November 1, 2006

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One of the nation's largest drug retailers is in talks aimed at merging with one of the largest pharmacy benefit managers. CVS has announced it is pursuing a "merger of equals" with Caremark.

The New York Times reported the deal would be worth $21 billion. Neither company would confirm the report and both said they would withhold any comment until discussions are complete.

CVS is one of the nation's largest drug retailers. It is number one in terms of prescriptions filled and is number two, just behind Walgreens, in total sales. It operates 6,200 stores in 45 states.

As a pharmacy benefits manager, Caremark purchases drugs directly from manufacturers and distributes them through its national network of nearly 60,000 pharmacies and seven mail-order offices.

Caremark provides administrative, benefits planning, and claims processing services while managing other healthcare-related services. The company provides services for over 2,000 corporate, insurance, managed care, government, and union health plans.

The objective of a pharmacy benefits manager is to save money. A pharmacy benefit manager may, for example, fill drug prescriptions by mail order as part of a corporate health insurance plan.

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