NEW YORK (AP) — Health Net Inc. (NYSE:HNT) has agreed to sell its Medicare Part D stand-alone prescription drug plan business to CVS Caremark Corp. (NYSE:CVS) for $160 million.
Health Net, Woodland Hills, Calif., said Monday the Medicare drug plan business has about 400,000 enrollees in 49 states and the District of Columbia. The unit brings in about $490 million in annual revenue. Health Net and CVS, Woonsocket, R.I., hope to get the regulatory approvals they need to close on the deal by June 30.
Health Net will continue to provide prescription drug coverage with its own Medicare Advantage plans.
