Pharmacy benefits manager Express Scripts, whose $26bn bid for drugstore chain CVS was rejected on Monday, has filed a lawsuit to void a $675m (€522m) break fee in the $22bn merger agreement between rival Caremark Rx and CVS.
The suit, filed yesterday in the Delaware Court of Chancery, claims the fee unlawfully handcuffs Caremark into the proposed $22bn deal with CVS. The two agreed a deal back in November 2006.