CVS "does not intend to purchase PCS Health Systems from Rite Aid," the drug store chain says following reports that it was one of two bidders for the pharmacy benefit management company. CVS noted that it has a "broad and deep strategic alliance with Merck-Medco" and has its own PBM, PharmaCare. Rite Aid paid $1.5 bil. for PCS in January 1999, but is seeking to sell the subsidiary to help pay off debt (1"The Pink Sheet" Oct. 25, 1999, p. 13)
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