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BUSINESS
August 29, 2007 | From the Associated Press
trenton, n.j. -- Medco Health Solutions Inc., the country's largest prescription benefit manager, said Tuesday that it would pay $1.5 billion in cash for PolyMedica Corp., long the largest U.S. supplier of diabetes treatment products. Buying PolyMedica, which has nearly 1 million patients and includes the well-known Liberty Healthcare brand, expands Medco's foothold in a fast-growing drug category worth more than $25 billion a year.
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BUSINESS
May 4, 2012 | David Lazarus
Here's looking at you, Medco. Jerry Lacy played Humphrey Bogart in the 1972 film "Play It Again, Sam. " He also appeared in various soap operas. These days, though, he's playing a bit part in the disaster movie known as the U.S. healthcare system. Lacy, 76, of Calabasas, requires prescription meds to control his cholesterol and blood pressure. His wife takes pills for a thyroid condition. But now Lacy has a choice to make: Pay full price for the meds at drugstores like CVS or Walgreens, or buy from a single source - the online drugstore belonging to Medco.
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BUSINESS
November 11, 1995 | From Associated Press
A company whose job is to provide the most cost-effective medicines for 42 million Americans favored drugs by Merck & Co. just months before Merck bought the firm, the General Accounting Office said. The GAO, the investigative arm of Congress, looked into Merck's buyout of Medco, a pharmacy benefits manager. The GAO did not conclude that any laws had been broken.
BUSINESS
April 3, 2012 | By Peter Frost
Express Scripts Inc. on Monday completed its acquisition of rival Medco Health Solutions Inc. in a $29.1-billion deal that could have major implications for Walgreen Co. The deal was announced after the Federal Trade Commission gave its formal approval after an eight-month antitrust investigation of whether the merger would hurt competition in the pharmacy benefits management sector. Pharmacy benefits management companies administer prescription-drug insurance coverage for employers and insurers.
BUSINESS
January 9, 2003 | From Associated Press
A Merck & Co. subsidiary that was supposed to find drugs at discount prices for corporations and health plans often favored expensive Merck products such as Zocor and Pepcid, newly unsealed court documents indicate. U.S. District Judge Charles Brieant unsealed papers Tuesday in federal court in White Plains, N.Y., revealing market share for Merck products among clients of Medco, a pharmacy benefits management company that is part of Whitehouse Station, N.J.-based Merck.
BUSINESS
May 4, 2012 | David Lazarus
Here's looking at you, Medco. Jerry Lacy played Humphrey Bogart in the 1972 film "Play It Again, Sam. " He also appeared in various soap operas. These days, though, he's playing a bit part in the disaster movie known as the U.S. healthcare system. Lacy, 76, of Calabasas, requires prescription meds to control his cholesterol and blood pressure. His wife takes pills for a thyroid condition. But now Lacy has a choice to make: Pay full price for the meds at drugstores like CVS or Walgreens, or buy from a single source - the online drugstore belonging to Medco.
SCIENCE
October 28, 2011 | By Eryn Brown, Los Angeles Times
The X Prize Foundation, which offers monetary awards for solutions to pressing scientific challenges, has tackled space travel, moon missions and oil spill cleanups. Now it's taking on the human genome. The Archon Genomics X Prize presented by Medco is challenging teams to accurately sequence the DNA of 100 centenarians within 30 days at $1,000 or less per genome. The first team to complete the task successfully will receive $10 million, and the sequenced genomes will be published for use in research.
BUSINESS
April 19, 1989
Medco Research Inc. of Los Angeles secured from the University of Virginia Alumni Patents Foundation an extension of its exclusive right to research, develop and market Adenocard for $200,000, according to a Securities and Exchange Commission filing. Under the agreement, Medco has until March, 1992, to obtain Federal Drug Administration approval for Adenocard, an injectable acute treatment for supraventricular tachycardia. Medco manufactures pharmaceuticals and medical devices.
BUSINESS
October 24, 2006 | From Bloomberg News
Medco Health Solutions Inc., the biggest manager of employee prescription drug benefits, agreed to pay $155 million to settle U.S. allegations that it accepted kickbacks from drug makers and submitted false claims to the government. The settlement resolves two civil cases and an investigation by the U.S. attorney's office in Philadelphia, the Justice Department said Monday. The government also accused the company of paying kickbacks to health plans to obtain business.
BUSINESS
June 22, 2002 | Reuters
Merck & Co. said its Medco unit acted properly when it booked revenue from patient co-payments to pharmacies that it never collected, but its shares fell on a report that questioned the practice. Shares of Merck fell $2.22 to $49.98 on the NYSE, their lowest level since late 1997. Merck declined to comment on how the report about its Merck-Medco unit might affect the company's planned spinoff of about 20% of Medco through an initial public offering, which Wall Street expects next week.
BUSINESS
March 24, 2012 | By David Sarno, Los Angeles Times
Medco Health Solutions has agreed to pay $2.75 million and change its internal procedures to settle claims that it paid millions in bribes to win a contract to provide prescription drugs to members of the California Public Employees' Retirement System. The settlement was the latest development in a case that began in 2004 and involved allegations of dealings between the then-head of CalPERS, Federico Buenrostro Jr., and a paid Medco consultant and former CalPERS board member, Alfred J.R. Villalobos, who helped secure the $26-million contract in 2006.
SCIENCE
October 28, 2011 | By Eryn Brown, Los Angeles Times
The X Prize Foundation, which offers monetary awards for solutions to pressing scientific challenges, has tackled space travel, moon missions and oil spill cleanups. Now it's taking on the human genome. The Archon Genomics X Prize presented by Medco is challenging teams to accurately sequence the DNA of 100 centenarians within 30 days at $1,000 or less per genome. The first team to complete the task successfully will receive $10 million, and the sequenced genomes will be published for use in research.
BUSINESS
March 19, 2011 | By Marc Lifsher, Los Angeles Times
Drug benefits manager Medco Health Solutions Inc. said U.S. securities regulators have issued a subpoena to the company for information about its payments of $4 million to a consultant as it sought to win a multimillion-dollar contract with the California Public Employees' Retirement System. The Securities and Exchange Commission also asked Medco, which manages pharmaceutical benefits for CalPERS members, for information about other "certain current and former affiliates of both the consultant and CalPERS," the company said Friday in a filing with the agency.
BUSINESS
March 17, 2011 | By Marc Lifsher, Los Angeles Times
In the wake of alleged bribe payments, the scandal-plagued California Public Employees' Retirement System has ended contract renewal negotiations with a company that administers prescription drug benefits for 300,000 members. A CalPERS internal investigation report released earlier this week alleged that Medco Health Solutions Inc. paid more than $4 million in what was called "consulting" fees to win the original contract in 2006. The money was allegedly paid in secret to Alfred J.R. Villalobos, a former CalPERS board member turned dealmaker.
BUSINESS
March 5, 2011 | Marc Lifsher
State and federal authorities are investigating possible wrongdoing in connection with the California Public Employees' Retirement System's award of a contract to provide prescription drugs to its members, according to records and interviews. That contract was first awarded in 2006 to Medco Health Solutions Inc., the nation's biggest pharmaceutical benefits manager with $66 billion in annual sales, to administer benefits for state government workers, retirees and their families.
BUSINESS
September 26, 2010 | By Andrew Leckey
Question: As a shareholder in Medco Health Solutions Inc., I'm disappointed in its stock and wonder if things are going to get any better. Answer: Being a profitable industry leader doesn't make a healthcare company immune from competitive pressures. The nation's biggest stand-alone pharmacy benefit manager, providing drug benefits to about one-fifth of the U.S. population, is receiving a boost from the large number of patent expirations now taking place. This helps it lower prescription costs by encouraging its members to switch to less expensive drugs such as generics.
BUSINESS
September 30, 2003 | From Associated Press
Federal prosecutors accused the nation's biggest pharmacy benefit management company of defrauding clients by destroying prescriptions, switching patients' medications without their consent and giving favorable treatment to drug companies that paid hefty rebates. A lawsuit filed in Philadelphia accuses Medco Health Solutions Inc.
BUSINESS
July 14, 1993 | From Reuters
Medco Containment Services Inc., the largest provider of mail-order prescription drugs to members of health plans, said Tuesday that it has been talking to several pharmaceutical companies about a linkup. Although speculation mounted that industry giant Merck & Co. was a suitor, analysts said an acquisition by the drug company was unlikely. Merck was silent. Investors, hedging their bets, bid Medco's stock up anyway, and it gained $1.375 to close Tuesday at $30.125 in NASDAQ trading.
BUSINESS
August 29, 2007 | From the Associated Press
trenton, n.j. -- Medco Health Solutions Inc., the country's largest prescription benefit manager, said Tuesday that it would pay $1.5 billion in cash for PolyMedica Corp., long the largest U.S. supplier of diabetes treatment products. Buying PolyMedica, which has nearly 1 million patients and includes the well-known Liberty Healthcare brand, expands Medco's foothold in a fast-growing drug category worth more than $25 billion a year.
BUSINESS
October 24, 2006 | From Bloomberg News
Medco Health Solutions Inc., the biggest manager of employee prescription drug benefits, agreed to pay $155 million to settle U.S. allegations that it accepted kickbacks from drug makers and submitted false claims to the government. The settlement resolves two civil cases and an investigation by the U.S. attorney's office in Philadelphia, the Justice Department said Monday. The government also accused the company of paying kickbacks to health plans to obtain business.
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