The consolidation of chain drug retailing climaxed last month with Walgreens Boots Alliance Inc.’s (WBA’s) acquisition of Rite Aid Corp. In the largest outright purchase of a chain in the industry’s history, WBA agreed to acquire Rite Aid for $9 per share, or $17.2 billion, including debt.
Walgreens Boots Alliance may have to divest up to 400 of the Rite Aid stores it is acquiring to satisfy antitrust regulations, analysts said. WBA is not publicly speculating on how many units it will have to shutter, said chief executive officer Stefano Pessina.
Jesse McCullough, Rite Aid Corp.’s director of field clinical services, highlighted the role of medication therapy management (MTM) in improving the health of seniors in testimony to a House subcommittee.
CVS Health has opened its 1,000th MinuteClinic in the United States. The new MinuteClinic opened its doors late last month in a CVS/pharmacy store on Dupont Circle in Washington, D.C. MinuteClinic is the nation’s largest operator of retail clinics.
After CVS Caremark and two other pharmacy benefit managers announced that they are terminating mail-order pharmacy Philidor Rx Services LLC from their networks, Valeant Pharmaceuticals Inc. said it would also sever ties with Philidor.
The nation’s most prominent lobbying group for seniors is backing the 2016 federal budget deal reached in Congress.
Darren Karst has been promoted to the combined role of senior executive vice president, chief financial officer and chief administrative officer at Rite Aid Corp.
Moving ahead with its expansion plans, Benzer Pharmacy has opened its first store in Georgia. The new location, in Greensboro, offers compounding and specialty medications.
Fox News Channel’s Megyn Kelly will headline the National Association of Chain Drug Stores Foundation Dinner on December 3 in New York City. The media personality anchors Fox News Channel’s “The Kelly File” — the second-ranking program in cable news by viewership.
Lynne Fruth, president of Fruth Pharmacy, recently attended an event at the West Virginia State Capitol Building where she was honored for her company’s commitment to help prevent the sale of drugs used in the making of methamphetamine.
The acquisition of Rite Aid Corp. culminates sweeping change at Walgreens in the space of a little over three years.
It’s been an impressive journey for Rite Aid Corp. Not long ago, Rite Aid was a struggling drug chain, laden with debt and unable to keep pace with larger, fast-growing competitors. But today, under a firmer financial footing, the $26.
President Obama highlighted the need to change prescribing practices for opioid medications, channel more resources for addiction treatment and facilitate access to naloxone, a drug that helps prevent overdose deaths.
The spectacular is becoming so commonplace that even the most astonishing events in chain drug retailing are assuming a ho-hum characteristic. Nothing new here, even if Walgreens has announced its intention to acquire Rite Aid.
Stefano Pessina is once again changing the face of community pharmacy.
