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CVS Health finalizes $1.9B Target pharmacy acquisition

CVS Health has completed its $1.9 billion acquisition of Target's pharmacy and clinic businesses, which includes Target's 1,672 pharmacies across 47 states.

Under the deal, CVS will operate the pharmacies through a store-within-a-store format, branded CVS/pharmacy. In addition, 79 Target clinic locations will be rebranded as MinuteClinic, and CVS will open 20 new clinics in Target stores within three years.

"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 CVS Health President and CEO Larry Merlo. "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 payers."

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