Breaking News

Walgreens To Acquire Kerr Drug

September 10, 2013

To take over specialty drugstores in Southern region.

Walgreen Co. and Kerr Drug, a privately held regional pharmacy chain in North Carolina, have entered into a definitive agreement under which Walgreens would acquire certain assets of Kerr Drug's retail drugstores and specialty pharmacy business. Financial terms of the agreement were not disclosed at press time. In fiscal year 2012, Kerr Drug's retail drugstores and specialty pharmacy business recorded total sales of $381 million.

The acquisition advances Walgreens strategy to deliver the "Well Experience" for customers by expanding Walgreens presence in North Carolina, a fast-growing market, including into many smaller communities, said the company.

"The Kerr Drug retail drugstores and specialty pharmacy business are an exceptional addition to the Walgreens family of companies," said Walgreens President and CEO Greg Wasson. "We are closely aligned on the important task of expanding the health care role that community pharmacists can have with their patients, and we share the common goal of stepping out of the traditional drugstore format to create a new experience for our customers."

The acquisition is structured as an asset transaction and includes Kerr Drug's 76 retail drugstores and its specialty pharmacy business. It also includes a distribution center. Kerr Drug will retain ownership of its long-term care pharmacy business.

Until the acquisition closes, Kerr Drug and Walgreens will continue to operate separately. After closing, the acquired Kerr Drug retail drugstores will continue to operate under their current brand in the near term. The transaction is subject to satisfaction of regulatory requirements and other conditions, and is expected to close sometime this year. Walgreens anticipates the transaction will not have a material impact on earnings per share in fiscal year 2014.
  • It’s Magic!

    It’s Magic!

    Melissa Meisel, Associate Editor||March 20, 2017
    Argan oil-infused ‘Moroccan’ lip care brand jumps from WholeFoods into CVS.

  • On the Cutler Edge

    On the Cutler Edge

    Melissa Meisel, Associate Editor||March 13, 2017
    Top brand source at Redken forecasts up-to-the-minute hair trends.

  • Take The Hint

    Take The Hint

    Christine Esposito, Associate Editor||March 13, 2017
    Water brand forays into sun protection by capitalizing on scent and experience.

  • Supply-Side Innovations

    Supply-Side Innovations

    Tom Branna, Editorial Director||March 1, 2017
    Raw material suppliers roll up their sleeves and roll out their new products for the global cleaning industry.

  • New Faces in Familiar Places

    New Faces in Familiar Places

    Tom Branna, Editorial Director||March 1, 2017
    The American Cleaning Institute officially welcomed its new president.

  • Special Delivery

    Special Delivery

    Tom Branna, Editorial Director||March 1, 2017
    UV protection is important, but what good is that sunscreen if consumers won’t apply it?