Cvs Caremark Corp

Amid the economic downturn and slow growth for retail and outpatient medical care services, pharmacy giants Walgreen Co. and CVS Caremark Corp. are rolling out new specialized services at their in-store clinics, going beyond treatment of routine maladies.

CHICAGO — SXC Health Solutions Corp. said Wednesday that it plans to buy competitor Catalyst Health Solutions Inc. for about $4.4 billion in cash and stock in an acquisition that catapults the company into the top tier of pharmacy benefits management and marks the continued consolidation of the industry. The combined company will become the nation's second-largest independent pharmacy benefits manager in prescription volume, said SXC Chairman and Chief Executive Mark Thierer, who will retain those roles.

Longs Drug Stores Corp., which has agreed to be bought by CVS Caremark Corp., said fiscal second-quarter profit rose on gains at its pharmacy-benefits division. Net income for the period that ended July 31 jumped to $27.5 million, or 76 cents a share, from $26.6 million, or 71 cents, a year earlier, Longs said. Sales increased to $1.33 billion from $1.27 billion. Shares of Longs, which is based in Walnut Creek, Calif., gained 50 cents to $72.10.

After months of public input and consultation with experts, the state's pharmacy board appeared to be poised to adopt strict new requirements for prescription drug labels last month. But that changed when Gov. Arnold Schwarzenegger placed a drugstore industry executive on the board a day before the vote. CVS/Pharmacy official Deborah Veale provided the vote that killed a plan to require large type on drug labels and instructions and to make oral translation of them available for all non-English speakers.

CVS Caremark Corp. agreed to pay almost $37 million to nearly two dozen states and the federal government to settle claims that the nation's largest pharmacy chain billed Medicaid programs for a more expensive form of an antacid, authorities said. The settlement came after an investigation that began in 2001, when a suburban Chicago pharmacist told authorities. Attorneys said the chain gave Medicaid patients capsules of Ranitidine, a generic version of the heartburn medication Zantac, instead of even less expensive tablets.

Pharmacy chain CVS Caremark Corp. will repay about $2.8 million to consumers who bought a dietary supplement that was falsely marketed as a product that could prevent illness, the Federal Trade Commission said Tuesday. CVS touted its AirShield tablets and powders as a way to fight off the flu and boost the immune system, but there is no evidence that the products could do either, the commission said. As part of the $2.78-million settlement, CVS agreed to no longer make those claims, and it has changed the products' packaging.

CHICAGO — SXC Health Solutions Corp. said Wednesday that it plans to buy competitor Catalyst Health Solutions Inc. for about $4.4 billion in cash and stock in an acquisition that catapults the company into the top tier of pharmacy benefits management and marks the continued consolidation of the industry. The combined company will become the nation's second-largest independent pharmacy benefits manager in prescription volume, said SXC Chairman and Chief Executive Mark Thierer, who will retain those roles.

Drugstore chain Walgreen Co. has withdrawn its $2.8-billion bid to acquire Longs Drug Stores, apparently helping to ease the path for Longs' $2.7-billion acquisition by CVS Caremark Corp. Longs had already accepted CVS Caremark's lower bid of $71.50 a share, a deal approved by antitrust regulators. Walgreen Chief Executive Jeffrey Rein sent a letter to Longs' board of directors informing it of Walgreen's decision to withdraw its bid.

One of the nation's largest drugstore chains ratcheted up a price war Thursday, offering deep discounts on generic prescriptions amid national concern about the spiraling cost of healthcare. Drugstore giant CVS Caremark Corp. announced it would sell 90-day supplies of more than 400 medications for $9.99 and offer discounts for cash-paying patients at its in-store medical clinics. The price war was unleashed by Wal-Mart Stores Inc., the country's largest retailer, a few years ago.

Drugstore chain operator CVS Caremark Corp., the largest provider of prescriptions in the country, said Tuesday that it would acquire Longs Drug Stores Corp. for about $2.6 billion. Under the agreement, CVS would pay $71.50 a share in cash for Longs' 521 drugstores, which are in California, Hawaii, Nevada and Arizona, as well as its RxAmerica subsidiary, a prescription benefits management program. The combination is a natural, Longs Chief Executive Warren F. Bryant said. "Given the changing industry landscape, we believe this combination is the logical next step," he said.

Pharmacy chain CVS Caremark Corp. will repay about $2.8 million to consumers who bought a dietary supplement that was falsely marketed as a product that could prevent illness, the Federal Trade Commission said Tuesday. CVS touted its AirShield tablets and powders as a way to fight off the flu and boost the immune system, but there is no evidence that the products could do either, the commission said. As part of the $2.78-million settlement, CVS agreed to no longer make those claims, and it has changed the products' packaging.

Amid the economic downturn and slow growth for retail and outpatient medical care services, pharmacy giants Walgreen Co. and CVS Caremark Corp. are rolling out new specialized services at their in-store clinics, going beyond treatment of routine maladies.

One of the nation's largest drugstore chains ratcheted up a price war Thursday, offering deep discounts on generic prescriptions amid national concern about the spiraling cost of healthcare. Drugstore giant CVS Caremark Corp. announced it would sell 90-day supplies of more than 400 medications for $9.99 and offer discounts for cash-paying patients at its in-store medical clinics. The price war was unleashed by Wal-Mart Stores Inc., the country's largest retailer, a few years ago.

Drugstore chain Walgreen Co. has withdrawn its $2.8-billion bid to acquire Longs Drug Stores, apparently helping to ease the path for Longs' $2.7-billion acquisition by CVS Caremark Corp. Longs had already accepted CVS Caremark's lower bid of $71.50 a share, a deal approved by antitrust regulators. Walgreen Chief Executive Jeffrey Rein sent a letter to Longs' board of directors informing it of Walgreen's decision to withdraw its bid.

Longs Drug Stores Corp., which has agreed to be bought by CVS Caremark Corp., said fiscal second-quarter profit rose on gains at its pharmacy-benefits division. Net income for the period that ended July 31 jumped to $27.5 million, or 76 cents a share, from $26.6 million, or 71 cents, a year earlier, Longs said. Sales increased to $1.33 billion from $1.27 billion. Shares of Longs, which is based in Walnut Creek, Calif., gained 50 cents to $72.10.

Drugstore chain operator CVS Caremark Corp., the largest provider of prescriptions in the country, said Tuesday that it would acquire Longs Drug Stores Corp. for about $2.6 billion. Under the agreement, CVS would pay $71.50 a share in cash for Longs' 521 drugstores, which are in California, Hawaii, Nevada and Arizona, as well as its RxAmerica subsidiary, a prescription benefits management program. The combination is a natural, Longs Chief Executive Warren F. Bryant said. "Given the changing industry landscape, we believe this combination is the logical next step," he said.

After months of public input and consultation with experts, the state's pharmacy board appeared to be poised to adopt strict new requirements for prescription drug labels last month. But that changed when Gov. Arnold Schwarzenegger placed a drugstore industry executive on the board a day before the vote. CVS/Pharmacy official Deborah Veale provided the vote that killed a plan to require large type on drug labels and instructions and to make oral translation of them available for all non-English speakers.

Drugstore operator CVS Caremark Corp. is planning to close all 25 of its upscale Beauty 360 stores and accompanying website as it looks to expand other cosmetic offerings. Twenty-three of those shops are located in California, including four Southland stores in Manhattan Beach, Rolling Hills Estates, Yorba Linda and Mission Viejo. All stores will be shuttered by May 19, the company said. Originally billed as a makeup destination for the "time-starved woman," Beauty 360 was conceived in 2008 as a high-end shop that carried more prestigious brands than the average CVS drugstore and offered spa-like services such as hand massages and express facials.

CVS Caremark Corp. agreed to pay almost $37 million to nearly two dozen states and the federal government to settle claims that the nation's largest pharmacy chain billed Medicaid programs for a more expensive form of an antacid, authorities said. The settlement came after an investigation that began in 2001, when a suburban Chicago pharmacist told authorities. Attorneys said the chain gave Medicaid patients capsules of Ranitidine, a generic version of the heartburn medication Zantac, instead of even less expensive tablets.