US pharmacy promises more 'personalised health care experience' through merger with health insurer

CVS Health announced that it had agreed to acquire Aetna in a deal worth approximately $69 billion.

The takeover, which is reportedly the biggest commercial deal to be struck anywhere in the world in 2017, is subject to shareholder and regulatory approval.

CVS Health said consumers would "benefit from a uniquely integrated, community-based health care experience" as a result of the merger.

Larry Merlo, CVS Health president and chief executive, said: "This combination brings together the expertise of two great companies to remake the consumer health care experience. With the analytics of Aetna and CVS Health's human touch, we will create a health care platform built around individuals."

The merger will allow the companies to "address the growing cost of treating chronic diseases", such as diabetes, CVS Health said. It also outlined benefits to be gained from making better use of data, including potentially halving the existing 20% rate of hospital readmissions.

"The entire health care system will also benefit from broader use of data and analytics, leading to improved patient health at substantially lower cost," CVS Health said. "Readmission rates can be cut in half if patients have a complete review of their medications after discharge from the hospital to help them manage their care at home. In addition, home devices to monitor activity levels, pulse, and respiratory rates can be used to prevent readmissions."

The companies said they expect to close the deal in the second half of 2018.