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Longs Drug Stores Corporation (NYSE: LDG - news) today announced that it is exercising an option to purchase the interest of Albertson's Inc. (NYSE: ABS - news) in its joint venture, RxAmerica. Longs Drugs and Albertson's are currently equal partners in RxAmerica, the joint venture pharmacy benefits management (PBM) company.
Subject to the completion of regulatory review and customary closing conditions, Longs expects to conclude the acquisition in the third quarter. Terms of the acquisition were not disclosed. "RxAmerica has significant financial and strategic value to Longs and its pharmacy operations," said Steve Roath, Longs President and CEO. "With capable management and staff already in place, RxAmerica has seen substantial growth in the recent past; but of even greater importance is the synergy it may have with our e-commerce business." RxAmerica provides quality PBM services and cost management services including an on-site clinical pharmacist interface for health plan physicians and disease state management programs for such conditions as hypertension, cardiac disease, allergies, asthma and diabetes. These services help millions of RxAmerica members make wiser prescription purchases and reduce their medication expenses while improving their healthcare treatment.
RxAmerica's focus is delivering comprehensive prescription drug management programs that improve healthcare access, service and treatment for its members while reducing overall benefits costs for its customers. Services provided by RxAmerica include: disease management programs, drug utilization reviews, fully integrated mail/retail programs, generic substitution programs, discounted prescription pricing, and responsive account management. RxAmerica has been a provider of PBM services since 1994 and provides fully-integrated pharmacy programs to managed health care plans, Taft-Hartley Associations and union groups, employers, third party administrators and municipalities.