Mckesson Agrees To Sell One Of Canada’s Largest Pharmacy Chains

Mckesson Agrees To Sell One Of Canada's Largest Pharmacy Chains

Mckesson Agrees To Sell One Of Canada’s Largest Pharmacy Chains

Nov 4,2024 1 Comment By The Lilly Commercial Team

Healthcare services giant strikes deal to shed retailer with 385 locations

U.S. healthcare services giant McKesson has struck a deal to sell its Rexall Pharmacy Group, one of Canada’s largest pharmacy chains, and online company Well.ca to private equity firm Birch Hill.

Founded in 1904, Rexall operates 385 pharmacies across Canada and employs approximately 8,000. Well.ca offers online customers more than 40,000 health and wellness products via delivery.

No price was disclosed for the deal, which must still meet certain regulatory conditions

“Birch Hill is committed to maintaining and investing in reliable, accessible healthcare services to expand Rexall’s current network of pharmacies across Canada,” Toronto-based Birch Hill said in a release.

As part of the deal, McKesson will remain Rexall and Well.ca’s wholesale distribution supplier.

Irving, Texas-based McKesson bought Rexall in 2016 for $3 billion, but it was reported earlier this year the company was looking to sell the division.

McKesson said the deal will allow it to “focus and prioritize investments” to grow its oncology and biopharma services platforms. The company said it is committed to its Canadian distribution and biopharma businesses.

“This transaction marks an important milestone aligned to our enterprise strategy, advancing our strategic priorities, further streamlining our business and prioritizing investment in our growth areas,” McKesson CEO Brian Tyler, said in a statement. “We remain fully committed to and confident in the strength of our Canadian distribution and biopharma businesses.”

Source CoStar. Click here for the full story.

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