Target with a pharmacy opens in Wilmington in October 2014. Walgreens in Wilmington closes in June 2015. Walgreens buys Rite Aid in October 2015. CVS in Wilmington changes its pharmacy hours this month. And now this…
WOONSOCKET, RI — CVS Health Corporation and Target Corporation announced Wednesday that CVS Health has completed the acquisition of Target’s pharmacy and clinic businesses for approximately $1.9 billion. With the completion of the transaction, CVS Health acquired Target’s 1,672 pharmacies across 47 states and will operate them through a store-within-a-store format, branded as CVS/pharmacy. In addition, a CVS/pharmacy will be included in all new Target stores that offer pharmacy services. Seventy-nine Target clinic locations will be rebranded as MinuteClinic, and CVS Health will open up to 20 new clinics in Target stores within three years of the close of the transaction.
“We look forward to helping Target guests on their path to better health through CVS Health’s leading clinical programs, such as Maintenance Choice, Pharmacy Advisor and Specialty Connect,” said Larry Merlo, CVS Health President and CEO. “In addition, with the Target acquisition we will leverage our unique integrated business model and our scale to drive incremental sales volume and operating profit for the enterprise while providing convenience and cost savings to consumers and payors.”
“[This] milestone in our relationship with CVS Health is an important step in driving Target’s strategic priorities forward while giving our guests easy access to industry-leading health care services. With the transition now underway, Target can further accelerate our commitment to Wellness as a signature category, helping guests and team members in their efforts to eat better, be more active and find natural and clean label products,” said Brian Cornell, Chairman and CEO of Target.
The Target pharmacies and clinics will be transitioned to the CVS Health banners and systems within six to eight months.
About CVS Health
CVS Health is a pharmacy innovation company helping people on their path to better health. Through its more than 9,500 retail pharmacies, more than 1,100 walk-in medical clinics, a leading pharmacy benefits manager with more than 70 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, and expanding specialty pharmacy services, the Company enables people, businesses and communities to manage health in more affordable, effective ways. This unique integrated model increases access to quality care, delivers better health outcomes and lowers overall health care costs. Find more information about how CVS Health is shaping the future of health at https://www.cvshealth.com.
About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,805 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, which today equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.
(NOTE: The above press release is from CVS Health.)
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