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How Anthem figures into the CVS-Aetna merger

Anthem recently struck a new pharmacy benefits deal with CVS. Photo: Darron Cummings / AP

Anthem has the power to back out of a pharmacy management deal with CVS, now that CVS is planning to acquire one of Anthem's biggest competitors. But CVS CEO Larry Merlo said Monday the pending CVS-Aetna merger "has no bearing" over its agreement with Anthem.

The bottom line: Anthem recently partnered with CVS to start its own pharmacy benefit manager, called IngenioRx, where CVS would do a lot of back-end work. But Anthem could call off that deal, presumably because it may not want to share sensitive data with a company is trying to own its health insurance competitor.