CVS Pharmacy Inc., a subsidiary of CVS Health Corp., and Schnucks have entered into a definitive agreement for CVS Pharmacy and certain of its subsidiaries to acquire Schnuck Markets Inc.’s retail and specialty pharmacy businesses.
Through this agreement, CVS Pharmacy and its subsidiaries will acquire and operate 99 of the grocer’s pharmacies and will brand them as CVS Pharmacy. Additionally, CVS Pharmacy and its subsidiaries will acquire the prescription files from 11 Schnucks pharmacies and transfer them to nearby CVS Pharmacy locations.
This strategic relationship brings together one of the leading grocers in the Midwest region with CVS Pharmacy’s pharmacy services and clinical expertise to enhance the overall health care experience and continue to provide a convenient option for Schnucks customers. The relationship also provides CVS Health with a capital-efficient way to expand into key areas.
“We have great admiration for Schnucks and believe CVS Pharmacy can bring additional clinical services to its customers. One of CVS Health’s strategic imperatives is to be local. By opening CVS Pharmacy locations within Schnucks stores, we’re increasing access to high quality care and meeting customers where they are. Schnucks is a best-in-class grocer, and we’re honored to partner with them to bring our best-in-class pharmacy capabilities to their customers,” said Jon Roberts, EVP and chief operating officer, CVS Health.
In 2014, CVS Pharmacy became the first and only major retail pharmacy to remove tobacco from its shelves. Schnucks stores became tobacco free as of Jan. 1, 2020. Schnucks’ decision to exit tobacco further aligns the company with CVS Health.
“As Schnucks continues to expand our emphasis on health and wellness, this collaboration with CVS is an opportunity for us to align with a company that has a similar focus,” said Todd Schnuck, chairman and CEO of Schnucks. “This partnership allows us to continue to provide quality pharmacy services to our customers in a manner they’ve come to expect, while supporting our mission to nourish people’s lives. It also provides our pharmacy teammates an opportunity to further their careers with a premier retail pharmacy chain.”
To provide continuity for Schnucks pharmacy customers, CVS Pharmacy will post all pharmacist and pharmacy technician positions and will interview all Schnucks employees who apply. In-store changes will be rolled out over a period of several months after the completion of the transaction as CVS Pharmacy and Schnucks work to ensure the smoothest possible transition for all pharmacy patients.
Schnucks Specialty pharmacy patients will benefit from CVS Specialty’s expertise in providing ongoing disease education, counseling and benefits verification, as well as coordination of care with multiple health care providers, comprehensive patient education and adherence management.
Following completion of the transaction, all Schnucks pharmacy customers will have access to CVS Pharmacy’s leading pharmacy care programs, features of which include:
- Opportunities for patients to manage their health with more ease and efficiency and gain access to programs that help them start and stay on their prescriptions while reducing overall health care costs. With the CVS Pharmacy app, patients can be notified when prescriptions are ready for pick-up and order refills digitally.
- Simplification of medication management for patients with multiple prescriptions, through the utilization of the CVS Pharmacy ScriptPath Prescription Schedule, a tool that provides a complete picture of the patient’s current CVS Pharmacy prescription information all in one place, including the name of each medication, when to take it, and how much medication to take in each dose.
The transaction is expected to be completed by end of the second quarter and is subject to customary closing conditions.
Founded in St. Louis in 1939, Schnuck Markets Inc. is a third-generation, family-owned grocery and pharmacy retailer committed to nourishing people’s lives. Schnucks operates 112 stores, serving customers in Missouri, Illinois, Indiana, Wisconsin and Iowa, and employs 13,500 teammates.
