CVS to Buy, Rebrand and Run Target's Pharmacies, Clinics
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CVS Health Corp. will pay $1.9 billion to buy Target Corp.’s pharmacies and clinics, expanding its reach by adding stores bearing its name inside the U.S. retail chain.
CVS, which already has 7,800 drugstores, will acquire Target’s more than 1,660 pharmacies across 47 states, renaming them as CVS/pharmacy, the companies said today in a statement. All new Targetstores with pharmacy services will include a CVS/pharmacy.
CVS Chief Executive Officer Larry Merlo is spearheading a deeper push into health care, striking the Target deal less than a month after agreeing to acquire nursing-home pharmacy operator Omnicare Inc. in a transaction valued at $12.7 billion. The Target pharmacies bring the company to new markets including Seattle, Denver and Portland, Ore., and will help it reach a goal of operating 1,500 medical clinics by 2017.
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