Monday, Target published a news release on their site, which stated that Target and CVS Health announced that they have signed an agreement for CVS Health to acquire Target’s pharmacy and clinic businesses. CVS Health will rebrand and operate Target’s pharmacies through a store-within-a-store format, and Target’s clinic locations will be rebranded as CVS/minuteclinic. This strategic relationship brings together two leading retailers to deliver CVS Health’s best-in-class retail healthcare offerings alongside Target’s signature, one-stop shopping experience.
“While we’re excited about this announcement, it’s business as usual for both companies until the deal closes and the transaction is complete. This agreement is subject to customary closing conditions, including necessary regulatory clearance. There will be no immediate change to the Target pharmacy and clinics experience,” states the release on Target’s website.
Following completion of the transaction, Target guests will have access to CVS Health’s leading pharmacy care programs and retail medical clinic services. Further, CVS Health’s pharmacy programs, including Pharmacy Advisor, Specialty Connect and Maintenance Choice, will help Target’s guests achieve better medication adherence through both improved convenience as well as enhanced pharmacy care counseling. CVS Health has also committed to having a low-cost generic drug option available to Target’s cash-paying guests.
“Under the terms, CVS, which is based in Woonsocket, R.I., would acquire more than 1,600 pharmacies from Target in 47 states and operate them under the CVS name in Target stores. CVS will also operate branded pharmacies in new Target stores that offer pharmacy services,” reports The New York Times.
If you have questions regarding how this merger may affect your Target prescriptions, visit Target’s FAQ section.More Business News