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March 28, 1995| Times Staff and Wire Reports

Value Health to Buy Diagnostek: Value Health Inc. said it will acquire Diagnostek Inc. for about $480 million in stock, creating the nation's biggest independent manager of prescription drug programs. Both companies provide services designed to contain the costs of prescription drug benefit programs, supplying drugs by mail and through networks of retail pharmacies. The combined company would have about 32 million people in its programs and annual revenue of about $1.3 billion. Avon, Conn.-based Value Health's stock jumped $3.50 to $37.75, and Albuquerque, N.M.-based Diagnostek's rose $1.625 to $20.375 on the New York Stock Exchange--a clear sign that investors thought both would benefit.

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