Medco and PolyMedica began collaborating in 2006. Currently, Medco fulfills more than 50,000 prescriptions per week for PolyMedica's patients. Earlier this year, PolyMedica began providing Medicare Part B administration services and supplies to certain Medco clients.
"It quickly became apparent through our collaboration that PolyMedica's senior team had built a strong business with complementary strengths. We value their experience and continued leadership," Snow said.
The transaction has been unanimously approved by the boards of directors of both companies, and is subject to the approval of PolyMedica shareholders and other customary closing conditions. The transaction is expected to close late this year.
Lazard served as Medco's financial advisor and Sullivan & Cromwell LLP acted as Medco's primary external legal counsel; Deutsche Bank Securities Inc. represented PolyMedica in the transaction and Weil, Gotshal & Manges LLP acted as PolyMedica's legal counsel.
Management from both companies will host a conference call to review the transaction on Tuesday, Aug. 28, 2007 at 8:30 a.m. (EST).
To access the live conference call via telephone:
Dial in: (800) 949-5383 from inside the U.S. or (706) 679-3440 from
outside the U.S.
To access the live webcast:
Please visit http://www.medco.com/investor.
A replay of the call will be available from Aug. 28, 2007 through Sept.
11, 2007. Dial in: (800) 642-1687 from inside the U.S., or (706) 645-9291
from outside the U.S.
Please use passcode # 14905533
|SOURCE Medco Health Solutions, Inc.|
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