WOONSOCKET, R.I. CVS Caremark and Longs Drug Stores announced on Monday that the regulatory waiting period under the Hart-Scott-Rodino Antitrust Improvement Act has expired, satisfying a condition to the closing of the deal.
The waiting period expired Sept. 5.
As previously reported by Drug Store News, CVS Caremark plans to buy for $2.9 billion, including debt, Longs Drug Stores’ 521 retail locations in California, Hawaii, Nevada and Arizona, as well as its PBM services.
CVS Caremark’s planned acquisition of Longs Drug Stores opens the door for CVS Caremark to become a major player on the West Coast and transforms the self-proclaimed pharmacy health care service company into one that will fill or manage more than 1.2 billion prescriptions per year and will operate approximately 6,800 drugstores in 41 states and the District of Columbia.
As part of the deal, which is for $71.50 per share in cash, CVS Caremark will bolster its already strong PBM business by acquiring Longs’ Rx America subsidiary, which offers prescription benefits management services to more than 8 million members and prescription drug plan benefits to approximately 450,000 Medicare beneficiaries. Management plans to integrate Rx America with Caremark over time.