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CVS Merger

Cotuit

By Cotuit
in Rhode Island

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Cotuit Megalopolis

Cotuit

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CVS in merger talks with Caremark Rx [The Boston Globe Business Ticker]

CVS, Caremark confirm talks of possible 'merger of equals' [ProJo.com 7to7 NewsBlog]

CVS in Talks to Buy Drug Middleman [The New York Times]

Merger would be of equals and is in response to WalMart's aggressive move into the pharmacy business.

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runawayjim Metropolis

runawayjim

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TN I would assume.

And by Pharmacy guys I'm not sreally sure how to define it. They were their own group anyway and were apparently looking at relocating even before this merger. I don't know a lot about how they run their business but I do know that scrip sales are a smaller portion of their overall revenue than you might think.

This was all supposed to be hush-hush until the story got leaked, so it was a scandalous topic in Woonsocket today. People pretty much figure that heads will roll for leaking the story.

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CtownMikey Burg

CtownMikey

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The companies called the deal a "merger of equals" and under the terms, Caremark shareholders will receive 1.67 shares of Woonsocket, R.I.-based CVS for each share of Caremark. CVS shareholders will own 54.5 percent of the combined company and Caremark shareholders will own 45.5 percent.

The new company will be called CVS/Caremark Corp. and will be headquartered in Woonsocket.

The pharmacy services business will remain based in Nashville. Combined 2006 revenue for the companies are expected total about $75 billion, a joint statement said.

meaning cvs will stay here and caremark in Tenn. With Tom Ryan owning the majority of stock and being President of the $75 billion dollar giant.

if they pull it off, then good news for the state. Now all CVS needs is to link it's pharmacies like walgreens does ;)

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CtownMikey Burg

CtownMikey

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cvs IS a pharmacy, so it wont leave retail CVS in RI and take CVS pharmacy to Tenn , caremark was a different kind of rival other than walmart or walgreens to cvs.

"Caremark Rx, Inc. is a leading pharmaceutical services company, providing through its affiliates comprehensive drug benefit services to over 2,000 health plan sponsors and their plan participants throughout the U.S. Caremark's clients include corporate health plans, managed care organizations, insurance companies, union, government agencies and other funded benefit plans. The Company operates a national retail pharmacy network with over 60,000 participating pharmacies, seven mail service pharmacies, the industry's only FDA-regulated repackaging plant and 21 licensed specialty pharmacies for delivery of advanced medications to individuals with chronic or genetic diseases and disorders."

It is a pharmacy benefit manager... it rivaled retail CVS with its mail order service... so CVS will now be controlling that.

two different industries

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MikeR Hamlet

MikeR

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TN I would assume.

And by Pharmacy guys I'm not sreally sure how to define it. They were their own group anyway and were apparently looking at relocating even before this merger. I don't know a lot about how they run their business but I do know that scrip sales are a smaller portion of their overall revenue than you might think.

This was all supposed to be hush-hush until the story got leaked, so it was a scandalous topic in Woonsocket today. People pretty much figure that heads will roll for leaking the story.

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brick Burg

brick

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Again, to be very very specific, this is about mail order drugs. CVS called their mail order guys something like "pharmacy services support" or something like that. That is the only group affected (at this time) and it represents a very small portion of the folks in Woonsocket, and shouldn't affect anyone in the stores themselves.

Most of the buzz is that CVS will retain all administrative services in Woonsocket - HR, accounting, etc. That's what the majority of people working in Woonsocket are there for.

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dgreco City

dgreco

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Again, to be very very specific, this is about mail order drugs. CVS called their mail order guys something like "pharmacy services support" or something like that. That is the only group affected (at this time) and it represents a very small portion of the folks in Woonsocket, and shouldn't affect anyone in the stores themselves.

Most of the buzz is that CVS will retain all administrative services in Woonsocket - HR, accounting, etc. That's what the majority of people working in Woonsocket are there for.

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