US Pharm. 2007;1:8.
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 into the community to provide one-on-one assistance to Medicare-eligible seniors.
Pfizer Sells Consumer Healthcare
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, sharing 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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