CVS to buy MinuteClinics

This is an interesting day. CVS Corporation (NYSE: CVS) announced today that it has entered into a definitive agreement to acquire Minneapolis-based MinuteClinic, the pioneer and largest provider of retail-based health clinics in the U.S. MinuteClinic will operate as a wholly-owned subsidiary of CVS Corporation. There are currently 83 MinuteClinics in 10 states, 66 of which are within CVS/pharmacy locations. Completion of the transaction is expected this summer. The Minneapolis Star-Tribune, where MinuiteClinic is headquartered, has a good article in today's paper, and the CVS press release can be read in full here.

MinuteClinic locations, which are staffed by certified nurse practitioners and physician assistants, offer treatment for common family illnesses.

"Our new relationship with CVS will allow us to accelerate the growth and refinement of the MinuteClinic concept and to expand and maintain our existing market leadership position," said Glen D. Nelson, MD, Chairman of MinuteClinic. The Star-Tribune reports that the company will accelerate its growth above the planned 450 - 500 stores by the end of 2007.