Gamco, Gabelli invest in PolyMedica

By Lisa Kerner

Charlotte, N.C., Sept. 26 - Investors led by Gamco Asset Management Inc. and Gabelli Funds, LLC bought 1,434,811 shares of PolyMedica Corp. for a 6.34% stake in the company.

The shares were purchased from Aug. 28 to Sept. 25 and were priced from $50.45 to $52.62 each, according to a schedule 13D filing with the Securities and Exchange Commission.

On Aug. 28, Medco Health Solutions, Inc. agreed to acquire PolyMedica in an all-cash transaction valued at $53 per share, or $1.5 billion.

Medco is a Franklin Lakes, N.J., pharmacy benefits manager.

PolyMedica provides blood glucose testing supplies and related services to people with diabetes. The company is based in Wakefield, Mass.

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