Report: Aetna seeking to sell PBM business

NEW YORK Health insurer Aetna Inc. reportedly is looking to sell its pharmacy benefit management business, which manages prescription drug benefits for about 11.2 million members, according to published reports.

Citing sources familiar with the situation, reports indicate that Aetna has hired financial advisors to run the sale of the business. Meanwhile, CVS Caremark and Medco Health Solutions have also been identified as potential buyers, according to published reports.

News of the possible sale was first reported by The Wall Street Journal.

An analyst report in April estimated that Aetna could fetch at least $2 billion for its pharmacy benefit business, which is the fifth largest with 125,000 prescriptions handled annually, according to an analysis by Sanford Bernstein research, the WSJ reported.