CVS Health announced plans to acquire the Target Pharmacy business in June for $1.9 billion. The deal closed in December.
Now, Target’s 1,672 pharmacies across 47 states will be rebranded as CVS Pharmacy. CVS will fund the renovations, which will be completed gradually to allow the pharmacies to remain open during the upgrades.
After the acquisition, CVS became the largest drug chain store in the U.S. with roughly 9,500 locations. It will pay Target between $20 million and $25 million in annual rent for the space, according to the report.
Patient records and prescriptions were transferred from Target to CVS and most insurance plans transitioned without a glitch, the companies said, according to the report. However, Target Pharmacy’s loyalty program has been discontinued. The companies are urging patients to enroll in CVS’ ExtraCare loyalty program.
Target’s 79 in-store clinics will also be rebranded as CVS Minute Clinic.
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