Drugstore giant Walgreens has entered into an agreement to acquire US pharmacy chain Kerr Drug. As part of the transaction, Walgreens will acquire the North Carolina based chain's 76 retail drugstores and specialty pharmacy business. Financial terms of the agreement were not disclosed.
The acquisition is said to be in line with Walgreens strategy to expand in North Carolina, which it believes is a fast-growing market. Kerr Drug's retail drugstores and specialty pharmacy business recorded total sales of $381m in 2012.
"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”.
