CVS buying Target’s pharmacies for $2 billion

(CNNMoney) — The parent company of Long’s Drugs, CVS, is buying Target’s drug stores and clinics for nearly $2 billion.

CVS Health and Target announced Monday that they’ve made a deal for CVS to acquire Target’s pharmacy and clinic businesses for $1.9 billion.

This means that CVS is taking over, and rebranding in its own image, the 1,660 pharmacies that Target operates within its stores in 47 states.

CVS is also taking over Target’s 80 clinics and rebranding them as MinuteClinic.

CVS plans to have 1,500 clinics by 2017, and said that the Target deal will allow it to expand into new markets like Seattle, Denver, Portland, Ore., and Salt Lake City.

CVS also said that the 14,000 healthcare professionals currently working at Target would be offered “comparable” jobs at Target as part of the transition.

Last month, CVS was in the news when two of its stores were badly damaged during riots in Baltimore. The company plans to rebuild them.


FAQs (from Target’s website)

Will this transition impact the level of service at Target or the way I contact my Target pharmacy or clinic? Business hours? Until the deal closes, it’s business as usual for both companies. For now, Target pharmacy and clinic phone numbers and business hours will remain the same. Target will keep our guests informed of any changes throughout the transition.

Will this impact the level of service I receive once CVS Health is running Target’s pharmacies and clinics? Absolutely not. Target and CVS Health will work together to ensure a smooth transition in the future, and are committed to maintaining an exceptional level of service.

What will happen to my Target REDcard and Target Pharmacy Rewards? Until the deal closes, it’s business as usual for both companies. Guests can continue to use their REDcard at all registers and earn Target Pharmacy Rewards on eligible prescriptions. Following the deal close and transition phase, CVS Health’s guest loyalty program, ExtraCare, will be available at all pharmacy locations in Target stores. We look forward to sharing more rewards programs details with guests once we work through the deal closing and transition phase.

How will prescription transfers be impacted? Prescription transfers within Target pharmacies as well as transfers to other pharmacies have always been simple and convenient for guests. This will remain the same. When the deal closes and the transition is complete, guests will have the added convenience of thousands of locations nationwide to access their prescriptions at CVS/pharmacy locations in both Target and CVS Health stores.

Will this transition impact the cost of prescriptions at Target? Until the deal closes, it’s business as usual for both companies. Following the transition, CVS Health has committed to having a low-cost generic drug option available to Target’s cash-paying guests.

Will this transition impact specialty prescriptions filled through Target pharmacy? Until the deal closes, it’s business as usual for both companies. Target’s specialty pharmacy prescriptions and service offerings will remain the same. Ultimately the relationship will offer Target’s guests enhanced access to high-quality, affordable medical care, including specialty prescriptions.

What will Target do to protect my privacy as prescriptions are transferred? For now, it’s business as usual for both companies. We will follow a commonly used industry-wide process for transferring guest prescription and medical files when the transaction closes. Target and CVS Health will comply with HIPAA regulations and ensure guest privacy is protected and maintained throughout the transition.

What if I have other questions? We look forward to sharing more details with our guests once we work through the deal closing and transition phase. If you have more questions at this time, please visit our Pressroom or contact Target Guest Relations at 1-877-798-2743.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s