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Merck postpones PBM spinoff amid accounting questions.

Publication: Business Insurance
Publication Date: 15-JUL-02
Format: Online - approximately 509 words
Delivery: Immediate Online Access
Full Article Title: Merck postpones PBM spinoff amid accounting questions.(Medco Health Solutions, prescription benefits manager)(Brief Article)(Statistical Data Included)

Article Excerpt
NEW YORK-Pharmaceutical giant Merck & Co. was struggling last week to launch the spinoff of its Medco Health Solutions Inc. unit amid weak stock market conditions and questions about Medco's revenue reporting practices.

Merck is hoping to raise up to $1 billion in an offering of 46.7 million of its shares of Medco, formerly Merck-Medco Managed Care L.L.C., one of the nation's largest prescription benefit managers. But the offering, representing nearly 18% of Medco's stock,...

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