Health Net selling Medicare Part D business to CVS Caremark

Health Net Inc. announced last week that it will sell its Medicare Part D stand-alone prescription drug business to CVS Caremark for $160 million. Health Net said the business has about 400,000 members nationwide, and brings in about $490 million in annual revenue. The deal is scheduled to close during the second quarter, but must be approved by antitrust regulators, the company said.