Content about Universal American Corp.

January 3, 2011

CVS Caremark Corp. said Friday it will pay $1.25 billion to buy Universal American Corp.'s Medicare prescription drug services unit.

WOONSOCKET, R.I. - CVS Caremark Corp. said Friday it will pay $1.25 billion to buy Universal American Corp.'s Medicare prescription drug services unit. The deal will more than double the size of the chain’s Medicare drug business.

CVS said it pursued the deal because with the country's population aging, a growing percentage of Americans will get their prescription drug coverage from Medicare.