SAN FRANCISCO — McKesson Corp. has closed its acquisition of the independent banner and franchise pharmacy businesses of Katz Group Canada Inc.
The pharmaceutical distributor said Monday that it finalized the transaction on March 25.
Under the deal, announced in late January, McKesson agreed to buy Katz’s Drug Trading Co. banner pharmacy business and Medicine Shoppe Canada franchise pharmacy unit for $920 million in cash.
Specifically, McKesson acquired all of the assets of Drug Trading and its pharmacies, which number about 850; the shares of Medicine Shoppe Canada, which encompasses about 160 pharmacies; and a joint ownership interest in the ProPharm pharmacy software application.
Plans call for the Drug Trading Co. and Medicine Shoppe Canada operations to be integrated into McKesson’s Canadian pharmaceutical distribution and services business, part of McKesson’s Distribution Solutions business segment. McKesson will also continue to serve as the primary pharmaceutical distributor to the Katz Group corporate-owned stores.
