Longs Drug to buy PharMerica pharmacies |
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Tue, 16 Jan 2007 23:36
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WALNUT CREEK, Calif. (AFX) - Longs Drug Stores Corp. said Tuesday it will buy 4 retail pharmacies from PharMerica Inc., a unit of AmerisourceBergen Corp.Financial terms weren't disclosed. The transaction is expected to be completed in 60 to 90 days, subject to customary closing conditions.The retail pharmacies average about 1,800 square feet, with three located in Hawaii and one in California. After the deal closes, Longs Drugs plans to operate the pharmacies under the Longs Pharmacy brand.Tampa, Fla.-based PharMerica provided medications, consulting programs, regulatory assistance and related services to long-term care residents in skilled nursing and assisted living communities. PharMerica has a network of 80 regional institutional pharmacies in 36 states.Longs Drug operates 506 retail pharmacies on the West Coast and in Hawaii, and provides pharmacy benefit management services and Medicare beneficiary prescription drug plans through its RxAmerica LLC unit.Longs Drug shares closed down 12 cents at $43.61 on the NYSE.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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