September 23, 2023

Pedestrians stroll previous a CVS Well being Corp. retailer in Chicago.

Christopher Dilts | Bloomberg | Getty Photos

CVS Health mentioned on Wednesday it might purchase major care supplier Oak Street Health for about $9.5 billion in money because the pharmacy large appears to be like to foray into the pressing care enterprise.

The corporate, which additionally operates a medical insurance unit and a pharmacy advantages supervisor, mentioned it would pay $39 per Oak Avenue Well being share, a virtually 16% premium to the inventory’s final closing worth, to accumulate a whole bunch of its clinics and medical doctors workplaces.

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With the acquisition of Oak Avenue, CVS will get management over 160 major care facilities that serve these insured beneath the U.S. authorities’s Medicare program, which is for folks aged 65 years and older or who qualify as a result of they’ve a incapacity.

Major care facilities sometimes supply routine well being screenings, preventive medication in addition to prognosis, and administration and remedy of all kinds of persistent well being issues.

That is breaking information. Please test again for updates.

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