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CVS lets primary care play with $10.6 billion Oak Street Health deal

CVS buys Oak Street Health for $10.6 billion, giving the pharmacy giant a foothold in primary care.

Oak Street operates 169 urgent care centers in 21 states that primarily serve lower-to-middle-income customers with Medicare Advantage plans, the companies said in Wednesday’s announcement. More than half of patients have a food, housing or isolation risk factor.

For CVS, the deal expands to a range of healthcare goods and services, including its extensive drugstore network and health insurance company Aetna, which it acquired for $78 billion five years ago. It also gets Oak Street’s user interface, Canopy, used to coordinate care, much like the platform used by Amazon’s One Medical.

Oak Street will be merged into a new healthcare organization within CVS and will continue to be led by CEO Mike Pykosz.

The all-cash deal is expected to close later this year.

This is a developing story and will be updated.

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