Aetna, with eye on regulators, sells Medicare drug business to WellCare [Reuters]
AETNA (AET)
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Source: Reuters
Aetna, with eye on regulators, sells Medicare drug business to WellCare | Reuters 2 Min Read (Reuters) - Health insurer Aetna Inc ( AET.N ) said on Thursday it would sell its standalone Medicare prescription drug plan business to WellCare Health Plans Inc ( WCG.N ) as it seeks U.S. antitrust approval for a planned acquisition by CVS Health Corp ( CVS.N ). The $69 billion deal is being reviewed by the U.S. Department of Justice and if approved it would be the second largest healthcare deal this year - one that the companies say will help cut soaring costs in the sector. ( bit.ly/2zzsZDI ) Aetna said its Medicare prescription drug business covers 2.2 million members. It disclosed the sale, which had been expected, in a regulatory filing. It did not provide terms. CVS is the largest manager of pharmacy drug plans for the Medicare program for the elderly and disabled with a 24 percent market share while Aetna has an 8.7 percent share, according to a recent Barclays research note. CV
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