CVS Health Acquires Nursing Home, Specialty Pharmacy Service Provider

May 21, 2015

Woonsocket-based CVS Health has agreed to acquire a provider of nursing home pharmacy services. The acquisition of Omnicare expands a growing line of business for the pharmacy giant.

CVS Health is headquartered in Woonsocket, RI.
Credit file/CVS Health

CVS Health might be known for its retail pharmacies and, now, its walk-in clinics. But the company does big business managing prescription programs for businesses and insurers. Acquiring Omnicare, which provides pharmacy services to nursing homes and assisted living facilities, will allow CVS to tap the growing pharmaceutical market for seniors.

The deal also broadens CVS’ access to another growing market: specialty pharmaceuticals. These are often expensive drugs for serious conditions like cancer or hepatitis C. 

CVS Health officials say the deal to acquire Omnicare is worth nearly $13 billion dollars. They say they expect it to pad CVS’s earnings per share by about 20 cents.