The Deal: Merck & Company has announced that it will purchase ProVantage Health Services, a pharmacy benefit management company, for $222 million in cash, or $12.25 a share. Merck will combine ProVantage in with its benefits services unit, Merck-Medco Managed care. After the news of the acquisition was announced, ProVantage's shares rose 55 percent, or $4.25, to $11.875, while Merck's shares fell $1.125, to $67.1875.

Discussion: ProVantage Health Services offers pharmacy benefit management (PBM) and health information technology (HIT) services to nearly 3,500 health organizations. ...

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