Pharmacy benefit managers Caremark Rx, Nashville, and AdvancePCS, Irving, Texas, said the Federal Trade Commission has closed its investigation of their proposed merger and terminated the waiting period, allowing the $6 billion deal to proceed. State attorneys general also have signed off on the merger, but further closing conditions must be met, including shareholder approval, the companies said. Announced in September 2003, the deal will create the nation's second largest PBM, with $23 billion in revenue and more than 600 million prescription claims managed in the year ended June 30, 2003. AdvancePCS is now the nation's third-largest PBM and Caremark the fourth-largest. -- by Cinda Becker
Caremark, AdvancePCS say FTC has OK'd merger plans
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