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Express Scripts Makes Hostile Bid For Caremark, But Faces CVS, FTC Hurdles

Executive Summary

Express Scripts will work to characterize the pharmacy benefit management marketplace as being composed of more players than the "big three" independent PBMs in attempting to secure Federal Trade Commission clearance of its proposed acquisition of Caremark, CEO George Paz indicated

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Express Scripts Tells Caremark Shareholders Vertical Mergers With PBMs Fail

A merger between pharmacy benefit manager Caremark and pharmacy chain CVS would be plagued by the same problems that vertical mergers involving PBMs have faced in the past, PBM Express Scripts argues in a pamphlet to Caremark shareholders

Express Scripts Tells Caremark Shareholders Vertical Mergers With PBMs Fail

A merger between pharmacy benefit manager Caremark and pharmacy chain CVS would be plagued by the same problems that vertical mergers involving PBMs have faced in the past, PBM Express Scripts argues in a pamphlet to Caremark shareholders

Express Scripts pulls Caremark bid from FTC

Caremark is calling a legal maneuver by Express Scripts a ploy to avoid receiving additional Federal Trade Commission scrutiny of its hostile takeover bid for the rival pharmacy benefit manager (1"The Pink Sheet" Jan. 1, 2007, p. 3). By withdrawing its application for antitrust clearance for its proposed takeover of Caremark and then refiling the request on Feb. 6, Express Scripts says it will have 30 more days to discuss the transaction with FTC staff and avoid an agency request for additional information. The maneuver confirms that federal and state regulators "have identified serious antitrust concerns that, at a minimum, will require in-depth investigation," Caremark's other suitor CVS says. Caremark and CVS received FTC approval for their negotiated merger in December; their stockholders meet to vote on the deal on Feb. 20 and Feb. 23, respectively...

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