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Health Net to Sell Medicare Unit to CVS

Jan 11, 2012


BusinessWeek

Health Net Inc. said Monday it will sell its Medicare Part D stand-alone prescription drug business to CVS Caremark for $160 million.

Health Net said the business has about 400,000 members in 49 states and Washington DC, and it brings in approximately $490 million in annual revenue. The deal is scheduled to close during the second quarter, pending approval from antitrust regulators.

The Woodland Hills, Calif., managed care company will continue to provide prescription drug plans as part of its Medicare Advantage offerings.

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