Denver Coram Healthcare has engaged Deutsche Banc Alex. Brown to explore strategic alternatives for the company's Coram Prescription Services Division.

Although details were vague, Coram chief executive officer Richard Smith said the sale of CPS could come in the form of an initial public offering or partial or full sale. He also said there has been some interest in the company, a leading provider of specialty mail-order pharmacy services and disease management programs focusing on high-risk, high-cost conditions. He would not elaborate as to who was making the inquiries.

"We believe it is appropriate at this time to ascertain the market value of CPS and consider all options to strengthen the company's balance sheet," Smith said. "At the same time, the company plans to maintain a close business relationship with CPS."

Maintaining that relationship, according to Smith, will benefit Coram's Infusion Division and Clinical Research and Medical Informatics Division, as well as "continue to enhance CPS's business through joint marketing and breadth-of-service offerings."