PhillyInc prescribes merger for Express Scripts, Medco

Prescription meds at Medco Health Solutions Inc.'s Willingboro Dispensing Pharmacy in 2006. (Mel Evans / Associated Press)

Express Scripts, which closed one of two Bensalem mail-order pharmacy operations last December, is buying its rival Medco Health Solutions for $29 billion, or $71.36 per share.

Medco, based in Franklin Lakes, N.J., has a large, highly automated facility in Willingboro. Should the deal pass regulatory muster, St. Louis-based Express Scripts would become the largest pharmacy benefits managers, surpassing CVS Caremark.

On Wednesday, four Pennsylvania banks were among 17 that received funding from the Treasury Department to support small business lending. The only local bank to get federal funding through the new Small Business Lending Fund was Doylestown's Monument Bank. (Here's a link to The Inquirer's Business news in brief feature.)

Daniel Gross, the economic editor at Yahoo Finance, offers this analysis of how some banks seem to be repaying the capital they'd borrowed under the TARP program a couple years ago with funding from the SBLF. He notes that York Traditions Bank and Centric Financial, two of the Pa. banks that got cheaper SBLF funding, paid back their TARP capital on July 14. Read his column here.

Bloomberg is reporting the Sunoco spinoff SunCoke Energy raised $186M in an initial public offering that was priced Wednesday at $16 per share -- the midpoint of its range. The IPO cuts Sunoco's ownership in the Lisle, Ill.-based producer of metallurgical coke to 83 percent.

At 10 a.m., the Federal Reserve Bank of Philadelphia releases its monthly snapshot of manufacturing activity in the region. Last month's report turned negative and the stock market reacted badly to the news. When it's posted, you can find it here.