Express Scripts Bids High in Buyout Race

1 decade 1 year 9 months ago Monday, December 18 2006 Dec 18, 2006 Monday, December 18, 2006 3:07:30 PM CST December 18, 2006 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
NASHVILLE, Tenn. (AP) A move by St. Louis-based Express Scripts today could ultimately lower drug prices for consumers. The pharmacy-benefits manager launched a hostile 26 billion dollar bid today to acquire its larger competitor Tennessee-based Caremark R-x. The offer could scuttle a competing offer from the C-V-S drug store chain for Caremark. The race to consolidate in the drug industry comes at a time of tremendous pressure to lower prices. Wal-Mart Stores recently announced it would sell some generic drugs for four dollars. Companies like Express Scripts and Caremark R-x act as middlemen between drug companies and employees. The businesses are looking for ways to reduce costs.

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