CVS Caremark Buys Regional Pharmacy, Adds to its Clinical Affiliations
CVS Caremark Corp. (NYSE: CVS – $77.36) agreed to buy Navarro Discount Pharmacy, the largest Hispanic-owned drugstore chain in the U.S. Terms of agreement weren’t disclosed. The deal includes Navarro’s 33 retail drugstores and Navarro Health Services, a specialty pharmacy serving patients with complex or chronic diseases. Navarro has annual sales of more than $340 million and specializes in serving Hispanic and ethnic marketplaces in the greater Miami area. Separately, the Rhode Island-based company announced it has entered into new clinical affiliations with four major health care providers to enhance access to high-quality, affordable health care services for patients. The collaborating health care providers include ProHealth Physicians in Connecticut, Texas Health Resources in Texas, Palmetto Health in South Carolina and The Baton Rouge Clinic in Louisiana. Through these clinical affiliations the patients of these health care providers will receive access to clinical support, medication counseling, chronic disease monitoring and wellness programs at CVS/pharmacy stores and MinuteClinics, the retail health care division of CVS Caremark. Despite the share price run-up over the past year, CVS is a worthwhile consideration for the conservative investor over the long-term.