Report: Walgreen to sell pharmacy benefits unit

By Dow Jones Newswires
Posted Oct. 25, 2010 at 5:08 p.m.

Drug store chain Walgreen has hired Bank of America  to help auction its pharmacy benefits management business, Bloomberg reports, citing three people with knowledge of the matter.

The operation could fetch $500 million to $1 billion, and Medco Health, Express Scripts and CVS Caremark  have shown interest, the sources say.

Walgreen, Medco and Exoress Scripts say they don’t comment on rumors or speculation. CVS didn’t immediately respond to a request for comment.

JP Morgan says it’s not surprising Walgreen would divest its PBM, because the operations “remain sub-scale,” and WAG has discussed whether owning the PBM made sense strategically.

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CVS Caremark

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