Report: Walgreen said to seek sale of pharmacy-benefits management business

Deerfield, Ill. A report released Monday by Bloomberg said that Walgreen Co. is seeking to sell its pharmacy-benefits management business and has hired an adviser to run an auction.

According to Bloomberg, which cited three unnamed sources, the sale of the PBM unit could bring $500 million to $1 billion depending on what assets are included in the deal.

Walgreen is being advised by Bank of America Corp., the sources to Bloomberg said.

Walgreen reportedly received first-round bids for the business last week. Medco Health Solutions, Express Scripts and CVS Caremark Corp., the three largest PBMs in the United States, are among the companies that have expressed interest, the sources said.