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Share Name | Share Symbol | Market | Type |
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Str PD 7.5 First Uni | NYSE:KRD | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
By Ben Fox Rubin
Walgreen Co. (WAG) agreed to buy the retail drugstores and specialty pharmacy business of Kerr Drug, a privately held regional pharmacy chain, expanding Walgreen's operations in the North Carolina market.
Though financial terms of the deal weren't disclosed, the companies said Kerr Drug's retail drugstores and specialty pharmacy business had total sales of $381 million in fiscal year 2012.
The acquisition, expected to close some time this year, is structured as an asset transaction and includes Kerr Drug's 76 retail drugstores and its specialty pharmacy business. The acquisition also includes a distribution center. Kerr Drug will retain ownership of its long-term care pharmacy business.
Walgreen said it doesn't expect the transaction to have a material impact on its per-share earnings in fiscal year 2014.
After closing, the acquired Kerr Drug retail drugstores will continue to operate under their current brand in the near term. Walgreen will decide over time on how to best integrate the Kerr Drug businesses into its operations.
Walgreen and its rivals have seen a wave of generic drug introductions over the past year weigh on revenue, while increasing demand for those drugs produces a mixed effect on profits because such copycat drugs carry higher margins.
The shift in consumers' drug purchases toward generics has led pharmacy companies to take steps to improve their performance--including a recent alliance by Walgreen and European drug giant Alliance Boots GmbH (AB.YY) with drug wholesaler AmerisourceBergen Corp. (ABC).
In June, Walgreen said its fiscal third-quarter earnings rose as its pharmacy section led sales growth and increasing demand for generic drugs helped buoy margins.
Shares closed Monday at $50.22. The stock is up 36% so far this year.
Write to Ben Fox Rubin at ben.rubin@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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