CVS Health will grow its specialty pharmacy sector thanks to a $40 million deal with Fred’s.
Last week, Memphis-based general merchandise and pharmacy chain, Fred’s Inc., announced that it had entered into a definitive agreement to sell certain assets of its specialty pharmacy business — EntrustRx — to a subsidiary of CVS Health Corp. That $40 million deal is now awaiting regulatory approval.
Following that May 7 announcement, the Memphis Business Journal reached out to CVS for comment.
May 10, a CVS Health representative provided the following statement:
“CVS Health is committed to providing expert pharmacy care to our patients. With the upcoming acquisition of Entrust Rx, we will be able to introduce even more patients to our expert specialty pharmacy care. Our CVS Specialty Care Teams are specialists in medications that treat complex conditions and are committed to not only getting patients the medications they need, but also providing personalized clinical support. We are excited to bring our innovative specialty pharmacy care programs and services to Entrust Rx’s patients when the transaction is completed.”
This move is the latest action in Fred’s ongoing turnaround strategy.
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