Value Health Inc. said today that it had agreed to buy Diagnostek Inc., a prescription drug benefits manager, for stock currently valued at about $500 million.

By buying Diagnostek, which is based in Albuquerque, N.M., Value Health expects to reduce costs and increase sales in order to better compete in the increasingly aggressive market for pharmaceutical benefits managers. The managers negotiate lower drug prices with drug manufacturers for health insurance plans.

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Posted: 06|7|08 at 11:07 am. Filed under: Quesso News.