Optum Rx Wins Five-Year Calpers Contract Worth $4.9 Billion

UnitedHealth Group's pharmacy benefits business won a five-year contract with a value of $4.9 billion from California Public Employees' Retirement System (CalPERS), the large health insurance provider for California public employees. United's OptumRx division was competing for the contract against St. Louis-based Express Scripts and Rhode Island-based CVS Caremark, the nation's two largest pharmaceutical benefit managers (PBMs). OptumRx is the nation's third-largest PBM following a 2015 deal in which UnitedHealth Group paid $12.8 billion to purchase Catamaran, a PBM based in Illinois.

UnitedHealth Group’s PBM business is part of . . .