Breaking News

Walgreens To Acquire Kerr Drug

November 4, 2013

Walgreen Co. and Kerr Drug, a privately held regional pharmacy chain in North Carolina, have entered into a definitive agreement under which Walgreens will 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 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. Kerr is said to be particularly strong in many smaller communities.

The acquisition is structured as an asset transaction and includes Kerr Drug’s 76 retail drug stores 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. 
blog comments powered by Disqus
  • Patent Update

    Patent Update

    June 30, 2016
    J&J's anti-aging patent, LVMH and cannabis essential oil, transdermal botulinum toxins and more in recent patent news.

  • Start Stuffing The Ballot Box (Again)!

    Start Stuffing The Ballot Box (Again)!

    June 28, 2016
    Vote on the finalists in Happi's reader's choice Anti-Aging Product of the Year contest!

  • What

    What's Next for the UK?

    Sarah Boumphrey, Euromonitor International||June 27, 2016
    Euromonitor weighs in on how Brexit could impact consumer product companies.

  • The Top 50

    The Top 50

    June 30, 2016
    A look at the biggest US companies in the global household and personal products industry.

  • Take Notice

    Take Notice

    Melissa Meisel , Associate Editor||June 1, 2016
    Packaging trends revolve around trendy artwork, eco-conscious materials—and portability is a plus too!

  • Virtual Reality

    Virtual Reality

    Christine Esposito, Associate Editor||June 1, 2016
    An update on nature-identical ingredients for cosmetics and personal care products.