WellPoint, one of the nation’s largest health insurers, is seeking buyers for its pharmacy benefits management business with a price tag expected to be in the billions of dollars.

WellPoint’s PBM business, which includes NextRx, could net the Indianapolis-based company between $1 billion and $5 billion, depending on the extent to which WellPoint and other insurers are willing to sign long-term customer contracts with a potential buyer, according to a report in Financial Times.

Nationwide, WellPoint covers more than 35 million people. In New York, its subsidiary, Empire BlueCross Blue Shield, covers 5 million members in 10 New York City metropolitan areas and surrounding counties and its Anthem Blue Cross Blue Shield subsidiary covers Virginia and the Northern Virginia suburbs of Washington, D.C.

Its PBM business, including NextRx, is the fourth largest in the U.S.

NextRx is a third-party administrator that processes prescription drug claims and helps establish drug prices and availability for more than 32 million people insured through BlueCross BlueShield or other corporate and government employee health plans. Potential suitors could include CVS Caremark Corp., Medco Health Solutions and Express Scripts, Inc. according to the report.

Representatives from Wellpoint had no comment on the Financial Times’ report.