Drug giant Merck & Co. said it plans to sell Medco Health Solutions Inc., its subsidiary mail order pharmacy and pharmacy benefits management subsidiary, back to its stockholders.
Terms were not disclosed.
According to news reports, the Whitehouse Station, NJ company tried unsuccessfully to sell Medco last year but put it off because of unfavorable market conditions.
As part of the deal, Medco would sell debt around the time of the spin-off and use proceeds to pay Merck a cash dividend.
Merck added it hopes to make this transaction tax free.
Network
