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Merck Announces Filing of Registration Statement for 100 Percent Spin-Off Of
Common Stock in Medco Health Solutions, Inc
WHITEHOUSE STATION, N.J.--(BUSINESS WIRE)--May 28, 2003--Merck & Co., Inc. today announced that Medco Health Solutions, Inc., its wholly owned pharmacy benefits management subsidiary, has filed a Form 10 registration statement with the Securities and Exchange Commission (SEC) for the 100 percent spin-off of shares of Medco Health common stock.

Merck expects to complete the spin-off through a pro rata distribution of 100 percent of Medco Health common stock, subject to customary closing conditions and the borrowing by Medco Health of $1.5 billion. The proceeds from the borrowing will be paid to Merck as part of a dividend from Medco Health. The distribution is expected to occur during the third quarter of 2003 in a one-step transaction and is expected to be tax-free to Merck and its stockholders.

About Merck

Merck & Co., Inc. is a global research-driven pharmaceutical products and services company. Merck discovers, develops, manufactures and markets a broad range of innovative products to improve human and animal health, directly and through its joint ventures.

About Medco Health

Medco Health Solutions, Inc., is the nation's leading provider of prescription healthcare services, based on $33 billion in sales in 2002. Medco Health is a wholly owned and independently managed subsidiary of Merck, and assists its clients to moderate the cost and enhance the quality of prescription drug benefits provided to about 62 million Americans.

Forward-Looking Statement

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect our businesses, particularly those mentioned in the cautionary statements in Item 1 of our Form 10-K for the year ended Dec. 31, 2002, and in our periodic reports on Form 10-Q and Form 8-K (if any) which we incorporate by reference.