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CVS Corporation Completes Acquisition of MinuteClinic, Largest Provider of Retail-Based Health Clinics in the U.S.

Posted on: Wednesday, 20 September 2006, 09:01 CDT

WOONSOCKET, R.I., Sept. 20 /PRNewswire-FirstCall/ -- CVS Corporation announced today that it has completed its acquisition of Minneapolis-based MinuteClinic, the pioneer and largest provider of retail-based health clinics in the U.S. MinuteClinic will operate as a wholly-owned subsidiary of CVS Corporation. There are currently 91 MinuteClinics in 12 states, 73 of which are within CVS/pharmacy locations. The financial terms of the agreement were not disclosed.

MinuteClinic locations, which are staffed by certified nurse practitioners and physician assistants, offer treatment for common family illnesses, such as strep throat, ear infections, poison ivy and pink eye. They also provide some common vaccinations. These conveniently-located health clinics are intended to be a supplement, but not a replacement, for a patient's ongoing relationship with a primary care provider. In fact, MinuteClinic maintains a record of primary care practices that are accepting new patients and provides lists to patients who do not have a medical home.

"Our acquisition of MinuteClinic will allow us to provide consumers with a new option for accessing health care for everyday minor ailments that is high-quality, convenient and affordable," said Thomas M. Ryan, Chairman, President, and Chief Executive Officer of CVS Corporation.

MinuteClinic operates according to guidelines set forth in principles for store-based clinics recently released by the American Medical Association and published by the American Academy of Family Physicians, adhering to a well-defined, limited scope of clinical practice for store-based health care centers that stress continuity and quality of care. MinuteClinic also has a National Clinical Quality Advisory Council, comprised of nationally recognized health care leaders, that contributes clinical guidance and quality improvement ideas and evaluates the company's clinical performance.

About MinuteClinic

MinuteClinic, a wholly-owned subsidiary of CVS Corporation , was founded in May 2000. The Minneapolis-based company has provided more than 550,000 patient visits with a 99 percent customer satisfaction rating. It has produced substantial savings of health care expenditures and also reduced the time spent by patients seeking treatment for conditions it addresses. For more information, visit http://www.minuteclinic.com/.

About CVS Corporation

CVS is America's largest retail pharmacy, operating approximately 6,200 retail and specialty pharmacy stores in 43 states and the District of Columbia. With more than 40 years of dynamic growth in the retail pharmacy industry, CVS is committed to being the easiest pharmacy retailer for customers to use. CVS innovatively serves the healthcare needs of all customers through its CVS/pharmacy stores; its online pharmacy, CVS.com; its retail-based health clinic subsidiary, MinuteClinic; and its pharmacy benefit management, mail order and specialty pharmacy subsidiary, PharmaCare. General information about CVS is available through the Investor Relations portion of the Company's website, at http://investor.cvs.com/, as well as through the pressroom portion of the Company's website, at http://www.cvs.com/pressroom.

Investor Contact: Media Contact: Nancy Christal Erin Pensa Investor Relations Corporate Communications (914) 722-4704 (401) 770-4786 epensa@cvs.com

CVS Corporation

CONTACT: Investor Contact: Nancy Christal, Investor Relations,+1-914-722-4704, or Media Contact: Erin Pensa, Corporate Communications,+1-401-770-4786, epensa@cvs.com, both of CVS Corporation

Web site: http://www.cvs.com/http://www.minuteclinic.com/

Source: PRNewswire-FirstCall

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