Pharmacy chain CVS buys home health company Signify for $8 billion

Sept. 6 (UPI) -- CVS Health has announced that it's acquiring home health service Signify Health for about $8 billion.

The pharmacy chain said the deal includes buying the company at $30.50 per share. The move has already been approved by the boards of both companies.


In Signify, CVS gets access to the company's network of clinician physicians, nurse practitioners and physician assistants who make home-based visits.

Signify Health clinicians are expected to connect -- in person and remotely -- with nearly 2.5 million unique members this year in the home.

"Signify Health will play a critical role in advancing our health care services strategy and gives us a platform to accelerate our growth in value-based care," CVS Health President and CEO Karen Lynch said in a statement.

"This acquisition will enhance our connection to consumers in the home and enables providers to better address patient needs as we execute our vision to redefine the health care experience."

Lynch added that Signify will help CVS expand and develop new product offerings for home healthcare.

CVS and Signify said they expect the deal to be completed in 2023.

Last month, CVS was one of three pharmacy chains that were ordered to pay hundreds of millions of dollars related to the opioid crisis in Ohio. A judge in the case said that CVS, Walgreens and Walmart played a role in the crisis in two Cleveland-area counties.


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