CVS Pharmacy and its subsidiaries have signed an agreement to acquire 110 Schnuck Markets’ retail and speciality pharmacy businesses.
Under the definitive agreement, CVS and its subsidiaries will acquire and operate 99 of Schnuck’s pharmacies and brand them as CVS Pharmacy.
Additionally, prescription files will be acquired from 11 Schnucks pharmacies. They will be transferred to nearby CVS Pharmacy locations.
CVS Health executive vice-president and chief operating officer Jon Roberts said: “We have great admiration for Schnucks and believe CVS Pharmacy can bring additional clinical services to its customers.
“By opening CVS Pharmacy locations within Schnucks stores, we’re increasing access to high-quality care and meeting customers where they are.”
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The partnership will combine Schnuck in the Midwest region and CVS Pharmacy’s pharmacy services and clinical expertise to improve the overall healthcare experience.
Additionally, CVS Health will be able to expand into key areas.
Schnuck Markets chairman and CEO Todd Schnuck said: “This partnership allows us to continue to provide quality pharmacy services to our customers in a manner they’ve come to expect while supporting our mission to nourish people’s lives. It also provides our pharmacy teammates with an opportunity to further their careers with a premier retail pharmacy chain.”
Upon completion of the transaction, in-store changes will be rolled out over a period of several months.
Following the acquisition, Schnucks Specialty Pharmacy patients will benefit from CVS Specialty’s experience in providing ongoing disease education, counselling, and benefits verification.
All pharmacy customers of Schnucks will get access to CVS Pharmacy’s care programmes.
Subject to customary closing conditions, the transaction is expected to be completed by the end of the second quarter.