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Target sells pharmacy business to CVS for nearly $2 billion

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MINNEAPOLIS (AP) – Target is selling its pharmacy and clinic businesses to CVS Health Corp. for about $1.9 billion.

The transaction gets CVS Health into some new markets and allows it to reach more patients.

The deal includes more than 1,660 pharmacies in Target stores that will be branded as CVS/pharmacy. The agreement also calls for new Target stores to include a CVS/pharmacy if they are going to offer pharmacy services.

Target Corp.’s nearly 80 clinic locations will be rebranded as MinuteClinic. CVS Health will also open up to 20 new clinics in Target stores within three years of the deal’s closing.

In addition, CVS Health and Minneapolis-based Target plan to develop five to 10 smaller stores over two years. The stores will be branded as TargetExpress and include a CVS/pharmacy.