PolyMedica, Medco merger closer to completion following shareholder vote

By Lisa Kerner

Charlotte, N.C., Oct. 31 - PolyMedica Corp. shareholders approved the company's acquisition by Medco Health Solutions, Inc. at a special meeting on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

On Aug. 28 Medco agreed to acquire PolyMedica in an all-cash transaction valued at $53 per share, or $1.5 billion.

It was previously reported that the two companies have collaborated since 2006, with Medco fulfilling about 50,000 prescriptions each week for PolyMedica's patients, while PolyMedica provides Medicare Part B administration services and supplies to certain Medco clients.

Medco is a Franklin Lakes, N.J., pharmacy benefits manager. The company manages more than $6.5 billion in drug spending related to its 2.8 million patients under treatment for diabetes.

PolyMedica provides blood glucose testing supplies and related services to people with diabetes. The company is based in Wakefield, Mass.

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