VOL. 126 | NO. 248 | Wednesday, December 21, 2011
Medco Shareholders OK $29B Express Scripts Deal
FRANKLIN LAKES, N.J. (AP) – Pharmacy benefits manager Medco Health Solutions Inc., the parent company of Memphis-based Accredo Health Group Inc., says its shareholders have approved the company's proposed acquisition by Express Scripts for $29.1 billion.
Accredo is a wholly owned subsidiary of Medco and provides specialty pharmacy and related services for patients with complex and chronic conditions.
Franklin Lakes, N.J.-based Medco says a preliminary count of votes from a special meeting shows that 99 percent of shareholders voted for the deal. About 72 percent of the shares entitled to vote were present at the meeting.
Express Scripts agreed in July to buy its fellow PBM Medco in a cash and stock deal. The deal still needs approval from the St. Louis company's shareholders, and regulators are still reviewing it. The companies hope to complete the deal in the first half of next year.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.