CVS Health is buying Omnicare, a pharmacy services provider, in a deal valued at $12.7 billion to boost its business with senior living facilities and nursing homes, according to The Wall Street Journal.
Here are three things to know about the deal:
1. The deal will increase CVS' ability to dispense prescriptions in long-term-care and assisted-living facilities and will increase the company's presence in the specialty pharmacy business.
2. CVS Health President and CEO Larry Merlo said, "The acquisition of Omnicare significantly expands our business, providing CVS Health access into a new pharmacy-dispensing channel," according to the report.
3. The deal is subject to regulatory approval and is expected to close near the end of 2015.
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