CVS Health announced that it has finalized its acquisition of Aetna, representing another example of the shift toward major vertical consolidation in the health care industry.
CVS Health announced today that it has finalized its acquisition of Aetna, representing another example of the shift toward major vertical consolidation in the health care industry, according to a press release.
The final deal valued Aetna at approximately $70 billion, with the total value of the transaction at $78 billion, CVS stated.
With Department of Justice clearance, the companies’ last hurdle to closing the deal was the approval from New York, which was granted on Monday. As part of the approval, CVS and Aetna agreed to several conditions, such as including enhanced consumer and health insurance rate protections, privacy controls, cybersecurity compliance, and a $40 million commitment to support health insurance education and enrollment.
According to CVS, new products and services developed by the merged company will be broadly available to the health care marketplace, regardless of one’s insurer, pharmacy benefit manager, or pharmacy of choice. This includes new programs and services designed to target better, more efficient management of chronic disease using the integrated capabilities of the combined company in technology, data, and analytics. Other enhanced health services will focus on expansion of services at MinuteClinic, nutritional and behavioral counseling, and benefit navigation support, as well as assistance with durable medical equipment, digital health apps, and connected devices.
CVS officials have said that the deal presents a novel opportunity to rethink access to lower cost, high-quality care in various settings and ultimately reshape the consumer health experience. However, health advocacy groups have urged for the merger to be blocked, indicating that the acquisition could negatively affect patients.
Click to continue reading on Specialty Pharmacy Times.