Celesio (CLSGn.DE) will exit its medical-insurance services joint venture with Medco Health Solutions Inc (MHS.N), scrapping a project that Celesio's former chief executive had regarded to be key to long-term growth. Celesio, Europe's biggest drug distributor, will sell its stake in the joint venture, which had been agreed in June 2010, to its U.S. partner for an undisclosed price, it said in a statement on Tuesday. Former CEO Fritz Oesterle set up the joint venture to help medical insurers encourage chronically ill patients to stick to their therapy in order to avoid long-term costs from deteriorating health. In Germany, for example, this would have required patients to give their consent to being called by the JV's staff when patients suffering from diabetes or asthma forget to collect their pills from the pharmacy.
Medco Health Solutions, Inc. (Medco) is a healthcare company. Shares of MHS traded higher by 1.07% or $0.52/share to $49.30. In the past year, the shares have traded as low as $47.36 and as high as $66.38. On average, 5645340 shares of MHS exchange hands on a given day and today's volume is recorded at 830297.
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