CVS/Aetna To Merge In Defensive Play To Reshape Healthcare Delivery
The pharmacy retail chain and drug distributor will buy the insurer for $69bn in a merger to build what the companies say will be a new, more affordable healthcare concept.
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David Denton will join Pfizer from the hardware store chain Lowe's, though he does have prior health care experience working at CVS Health.
One day after CVS' $70bn acquisition of Aetna closed, CEO Larry Merlo spoke at the Forbes Healthcare Summit about why the vertical integration makes sense and how it will contribute to lower healthcare spending.
Divestiture prevents CVS from gaining even more dominance in the stand-alone Medicare Part D sector with its acquisition of Aetna, assuming the transaction is cleared by the government.