Express Scripts Bids $26B for Caremark
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NASHVILLE, Tenn. -- Pharmacy-benefit manager Express Scripts launched an unsolicited $26 billion bid Monday to acquire its larger competitor Caremark Rx, potentially scuttling a competing offer from the CVS drug store chain. The deal, if approved, may help cut drug prices for consumers.
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CVS delivered what it hoped would be a knockout punch in the fight to acquire Caremark, raising its offer to $26 billion.
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Office goods supplier Staples  proposed a 7.25 euros per share offer for Dutch peer Corporate  Express  on Tuesday, valuing it at around 2.5 billion  euros ($3.68 billion) and sending its shares soaring.
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U.S. pharmacy benefits manager Express Scripts Inc.  said on Monday it was offering to buy rival Caremark RX  for about $26 billion, threatening to break up a deal struck last month with drugstore chain CVS Corp. .
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LifePoint Hospitals has agreed to acquire rival Province Healthcare for $1.125 billion in cash and stock to broaden its geographic reach.
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Caremark Rx Inc. CMX.N, a provider  of drug benefit programs to health plan sponsors, on Wednesday  said quarterly earnings rose, boosted by use of cheaper generic  drugs and the acquisition of AdvancePCS.
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NetSuite priced its initial public offering at $26 per share, raising $161 million for its online business software service.
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CVS Corp.  on Thursday again sweetened its $23.9 billion takeover bid for Caremark Rx Inc.  with an increased dividend, calling the new proposal its "best and final" offer.
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The cancer diagnostic equipment maker is expected to announce that it will acquire Spring Bioscience, a developer of antibodies, for $28.9 million in cash.
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Microsoft Corp. on Monday said it has agreed to buy a Thai software vendor that specializes in hospital administration applications, and plans to sell the software in emerging markets.Global Care Solutions (GCS) of Bangkok, Thailand, is Microsoft&#39;s third purchase of a health-care software vendor in the past 13 months, according to Peter Neupert , vice president for the Health Solutions Group at Microsoft . The group was formed two years ago and the purchase of GCS is one more step to building the Microsoft health-care business, he said.GCS specializes in hospital software that takes care of patient scheduling, billing, clinical workflow, regulatory compliance and medical record-keeping. The privately held company has worked for years with Bumrungrad International Hospital , a facility made famous by its focus on catering to visiting tourists.What makes GCS software special is the amount of specialized record keeping required by Bumrungrad. Doctors at the hospital see over 1.2 million patients each year, including 400,000 foreign patients from 190 countries, meaning varying language, insurance and billing data. Half of the 3,200 patients seen at Bumrungrad each day walk in without an appointment, yet GCS&#39;s scheduling software ensures patients wait an average of 17 minutes to see a doctor.Microsoft will retain all GCS workers after the acquisition. Financial terms of the deal were not disclosed.The companies also announced a collaborative alliance with Bumrungrad Hospital to continue work on tweaking and improving technology to improve hospital care.&quot;We now have a partner that&#39;s willing to experiment with us,&quot; said Neupert. He said future work will include software development as well as experimenting on how RFID (radio frequency identification) can improve hospital care.Microsoft will focus GCS software sales on hospitals in emerging countries, said Neupert. The software fits well with emerging market hospital needs, requiring just a small investment in computer hardware, he said.Microsoft has not been receiving requests for the kind of software GCS provides, he said, but made the acquisition based on what its Health Solutions Group required, and because the company has a good understanding of its business. GCS software is in use in seven hospitals around the Asia-Pacific region, the company said.
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Acute care hospital operator Select  Medical Corp. SEM.N said on Monday it is being bought out by  a private equity group for $2.3 billion, sending shares soaring  by 24 percent.
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Google Inc. &lt;GOOG.O&gt; said on Monday it has agreed to buy Web-based security provider Postini for $625 million, expanding its package of online applications to compete with Microsoft Corp.'s &lt;MSFT.O&gt; Office.
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Pharmacy benefits manager Express  Scripts Inc.  is planning to make a $26 billion hostile  bid on Monday for rival Caremark RX , the New York Times  reported on its Web site, citing people briefed on the  company's plan.
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NetSuite set the initial price of its stock at $26, exceeding its original estimate of $13 to $16 per share.
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U.S. pharmacy benefits manager Express Scripts Inc.  said on Monday it was offering to buy rival Caremark RX  for about $26 billion, threatening to break up an offer made last month by drugstore chain CVS Corp. .
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UnitedHealth Group Inc., one of the largest providers of health insurance in the United States, has paid $20 million to 37 states in order to settle claims processing problems, according to the New York State Department of Insurance.
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CVS Corp.  on Thursday again raised its takeover bid for Caremark Rx Inc.  by sweetening a one-time dividend and said the new proposal was its "best and final" offer.