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Express Scripts Looks to Acquire Caremark Rx
St. Louis
--Express Scripts, a prescription benefits management (PBM) company serving
more than 50 million members, is proposing to acquire all of the outstanding
shares of Caremark Rx, Inc., a pharmaceutical services company providing drug
benefits to over 2,000 health plan sponsors and their participants. The
transaction is said to be valued at $26 billion. The Express Scripts offer
comes on the heels of a proposed acquisition of Caremark by CVS Corporation.
Based on stock prices at press time, the Express Scripts offer represents a
21.5% premium over what CVS proposed. According to Caremark, it has "executed
a merger agreement with CVS Corporation which provides for the combination of
the two companies in a transaction structured as a merger of equals." The
company said its Board of Directors will review the terms of the Express
Scripts proposal "in a manner consistent with its obligations under the CVS
merger agreement and applicable Delaware law." A statement released by Express
Scripts said it believes the complementary nature of the two companies will
create an industry-leading PBM uniquely positioned to generate substantial
stockholder value.
UCSF Pharmacy School Receives Grant for
Medicare Part D Outreach
San
Francisco--
The University of California, San Francisco (UCSF) School of Pharmacy received
a $3.7 million grant from the Amgen Foundation to fund an innovative program
that will help elderly Californians learn more about and select from Medicare
prescriptions drug plans (PDPs). There are currently more than 70 PDPs in
California, most of which are Medicare Part D plans. The initiative, titled
Partners in D, is
a three-and-a-half-year program that will train pharmacy students who will, in
turn, educate other health care professional students about Medicare Part D
and then move out and into the community to provide one-on-one assistance to
Medicare-eligible seniors.
Pfizer Sells Consumer Healthcare Business
New York
City--Pfizer
Inc. has sold its Pfizer Consumer Healthcare business to Johnson & Johnson for
$16.6 billion. According to Jeffrey Kindler, Pfizer Chairman and CEO, the
proceeds from the sale will offer the company "flexibility to invest in the
growth of our core pharmaceutical business." He emphasized that Pfizer is
"committed to pursuing new products and technologies that complement our
internal development programs and represent attractive, strategic
opportunities to grow and meet unmet medical needs."
New Web Site Exclusively for Pharmacy Directors
Launched
Woodbridge, Va.--
PharmacyDirectors.com is a new Web site with a mission to assist pharmacy
directors in daily operational challenges by providing comprehensive and
practical information. as well as encouraging peer-to-peer communication among
directors, via bulletin board forums. Because it is Internet-based, the Web
site allows pharmacy directors to interact with colleagues worldwide and share
information on personal experiences. According to Arash T. Davestani, PharmD,
MHA, Managing Editor of PharmacyDirectors.com,
a key area of the Web site is devoted to helping the directors cope with cost
containment issues in an environment of rising drug costs. It will also allow
them to keep abreast of compliance issues and changes in the regulatory
landscape, including JCAHO guidelines. The site has already been visited by
pharmacy directors from all 50 U.S. states and 66 different countries. It is
supported by B. Braun Medical, Inc.
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