Business Services Industry
Merger to Form Second-Largest Prescription-Benefits Manager.
Knight Ridder/Tribune Business News, February, 2004
By Roger Yu, The Dallas Morning News Knight Ridder/Tribune Business News
Feb. 12--Five months after they agreed to merge, AdvancePCS and Caremark Rx Inc., two of the nation's largest pharmaceutical benefit managers, got the green light from federal regulators Wednesday to complete the deal.
The union of Irving-based AdvancePCS with its rival based in Nashville, Tenn., creates the second-largest pharmaceutical benefit manager, or PBM, in the country. PBMs act as middlemen, buying drugs from manufacturers and processing payments for their client companies when members buy prescription drugs.
Originally announced in September, the proposed deal in an already concentrated industry had set off alarms among antitrust regulators.
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