Walgreens is partnering with St. Paul, Minn.-based Prime Therapeutics, a pharmacy benefit manager owned by 14 Blue Cross and Blue Shield health plans.
Here are five things to know about the partnership.
1. The partnership includes a new retail pharmacy network agreement and the combination of the companies' central specialty pharmacy and mail service businesses.
2. Under the partnership, Walgreens will be the core participant in Prime's national preferred pharmacy network, beginning Jan. 1., both companies said. They said Prime's 22 million members may also benefit from personalized pharmacy services and possible reduced costs when filling their prescriptions at Walgreens.
3. The combined central specialty and mail services company will be governed by a separate board of directors and executive team, which will be selected by Walgreens and Prime.
4. The transaction is expected to close in the first half of calendar 2017.
5. Financial terms of the deal weren't disclosed.
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