CVS formally closes merger with Caremark

US drugstore chain CVS and Caremark have announced that they have formally closed their transformative merger of equals, creating the US's premier integrated pharmacy services provider. The combined company, renamed CVS/Caremark Corporation, unifies the nation's largest pharmacy chain with a leading pharmaceutical services company, “creating the opportunity to deliver unique products and services that will help manage costs for employers and improve access and choice for consumers.” “Today's close of our landmark merger will enable us to begin delivering substantial benefits to shareholders, customers and employees,” said Tom Ryan, CVS/Caremark's President and Chief Executive Officer. “CVS/Caremark will offer end-to-end services, from plan design to prescription fulfillment, as well as the opportunity to improve clinical outcomes, which will result in better control over healthcare costs for employers and plan providers. The company will improve the delivery of pharmacy services and healthcare decision making, enabling consumers to benefit from unparalleled access, greater convenience and more choice. We look forward to capitalizing on the tremendous opportunity ahead of us to improve the delivery of pharmacy services.”