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CVS Caremark to Acquire Universal American Medicare Part D Program
As reported in the New York Law Journal, Paul, Weiss client Universal American (UAM) announced that it has entered into an agreement with CVS Caremark (CVS) for CVS to acquire the Medicare Part D business of UAM for approximately $1.25 billion. The acquisition will more than double the size of CVS's Medicare Part D Program, making CVS one of the nation's largest providers of prescription drug services for Medicare beneficiaries enrolled in Medicare Part D. In addition, UAM's business, Medicare Advantage, will be spun off to UAM shareholders as a separate company at the time of closing.
The Paul, Weiss team representing UAM included, among others, corporate partners John C. Kennedy and Robert B. Schumer; tax partners Jeffrey B. Samuels and David R. Sicular; and employee benefits partner Lawrence I. Witdorchic.