Health Net sells Medicare unit to CVS

New York City -- Managed care company Health Net Inc. announced it will sell its Medicare Part D stand-alone prescription drug business to CVS Caremark for $160 million. The business has about 400,000 members in 49 states and Washington, D.C., with annual revenue of approximately $490 million. The deal is scheduled to close during the second quarter, pending approval from antitrust regulators.