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DRUG BENEFIT MANAGERS MERGE

Value Health Inc. announced today it has signed an agreement to acquire Diagnostek Inc. for nearly $480 million, creating the nation's largest independent prescription benefit manager.

Diagnostek, based in Albuquerque, N.M., operates a drug benefits program and also is a large provider of drugs by mail; it had 1994 revenues of $656 million. Value Health provides a variety of health care management programs for more than 64 million people.

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