WOONSOCKET, R.I., March 10, 2020 /PRNewswire/ -- CVS Pharmacy,
Inc., a subsidiary of CVS Health Corporation (NYSE: CVS), and
Schnucks announced today that they have entered into a definitive
agreement for CVS Pharmacy and certain of its subsidiaries to
acquire Schnuck Markets Inc.'s retail and specialty pharmacy
businesses.
Through this agreement, CVS Pharmacy and its subsidiaries will
acquire and operate 99 of the grocer's pharmacies and will brand
them as CVS Pharmacy. Additionally, CVS Pharmacy and its
subsidiaries will acquire the prescription files from 11 Schnucks
pharmacies and transfer them to nearby CVS Pharmacy locations.
This strategic relationship brings together one of the leading
grocers in the Midwest region with CVS Pharmacy's innovative
pharmacy services and clinical expertise to enhance the overall
health care experience and continue to provide a convenient option
for Schnucks customers. The relationship also provides CVS Health
with a capital-efficient way to expand into key areas.
"We have great admiration for Schnucks and believe CVS Pharmacy
can bring additional clinical services to its customers. One of CVS
Health's strategic imperatives is to Be Local. By opening CVS
Pharmacy locations within Schnucks stores, we're increasing access
to high quality care and meeting customers where they are. Schnucks
is a best-in-class grocer and we're honored to partner with them to
bring our best-in-class pharmacy capabilities to their customers,"
said Jon Roberts, executive vice
president and chief operating officer, CVS Health.
In 2014, CVS Pharmacy became the first and only major retail
pharmacy to remove tobacco from its shelves. Schnucks stores became
tobacco free as of January 1, 2020.
Schnucks' decision to exit tobacco further aligns the company
with CVS Health.
"As Schnucks continues to expand our emphasis on health and
wellness, this collaboration with CVS is an opportunity for us to
align with a company that has a similar focus," said Todd Schnuck, chairman and chief executive
officer of Schnucks. "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 an
opportunity to further their careers with a premier retail pharmacy
chain."
To provide continuity for Schnucks pharmacy customers, CVS
Pharmacy will post all pharmacist and pharmacy technician
positions, and will interview all Schnucks employees who apply.
In-store changes will be rolled out over a period of several months
after the completion of the transaction as CVS Pharmacy and
Schnucks work to ensure the smoothest possible transition for all
pharmacy patients.
Schnucks Specialty pharmacy patients will benefit from CVS
Specialty's expertise in providing ongoing disease
education, counseling and benefits verification, as well as
coordination of care with multiple health care providers,
comprehensive patient education and adherence
management.
Following completion of the transaction, all Schnucks pharmacy
customers will have access to CVS Pharmacy's leading pharmacy care
programs, features of which include:
- Opportunities for patients to manage their health with more
ease and efficiency and gain access to programs that help them
start and stay on their prescriptions while reducing overall health
care costs. With the CVS Pharmacy app, patients can be notified
when prescriptions are ready for pick-up and order refills
digitally.
- Simplification of medication management for patients with
multiple prescriptions, through the utilization of the CVS Pharmacy
ScriptPath Prescription Schedule, a tool that provides a complete
picture of the patient's current CVS Pharmacy prescription
information all in one place, including the name of each
medication, when to take it, and how much medication to take in
each dose.
The transaction is expected to be completed by end of the second
quarter and is subject to customary closing conditions.
About CVS Health
CVS Health employees are united
around a common goal of becoming the most consumer-centric health
company in the world. We're evolving based on changing consumer
needs and meeting people where they are, whether that's in the
community at one of our nearly 10,000 local touchpoints, in the
home, or in the palm of their hand. Our newest offerings – from
HealthHUB® locations that are redefining what a pharmacy can be, to
innovative programs that help manage chronic conditions – are
designed to create a higher-quality, simpler and more affordable
experience. Learn more about how we're transforming health at
http://www.cvshealth.com
About Schnucks
Founded in St. Louis in 1939, Schnuck Markets, Inc. is a
third-generation, family-owned grocery and pharmacy retailer
committed to nourishing people's lives. Schnucks operates 112
stores, serving customers in Missouri, Illinois, Indiana, Wisconsin, and Iowa, and employs 13,500 teammates. According
to Forbes' 2019 rankings, Schnucks is the 155th largest
privately-owned company in the United
States and the 16th largest privately-owned
grocer. Schnucks is committed to helping communities thrive and as
a champion for reducing hunger, the company annually donates more
than $16 million in food to pantries
that help those in need. Follow Schnucks on Facebook at
www.facebook.com/schnucks and LinkedIn at
https://www.linkedin.com/company/schnuck-markets-inc-/.
Media Contact:
Bill Durling
401-770-4029
William.durling@cvshealth.com
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SOURCE CVS Health