by Burke Speaker | September 10, 2013 11:54 am
Walgreens (WAG) is keeping its eye on expansion with the purchase of the Kerr Drug chain of stores.
The N.C.-based Kerr drugstore and specialty pharmacy operation is expected to bring WAG an additional $380 million in additional sales annually from its nearly 80 stores and related businesses.
The financial terms of the purchase were not released.
The move helps Walgreens at a time when its competitors are quickly moving to gain a foothold on the clinic market.
Walgreen is aggressively expanding into new businesses to increase its presence into the delivery of primary care services. Its competitors, too, like CVS/Caremark (CVS) and Wal-Mart (WMT) are also ramping up opening retail clinics and CVS told Forbes it “works with a number of vendors to do point of care testing” at its MinuteClinics, including testing cholesterol levels and “A1c testing” for glucose screenings.
Earlier this week, Walgreen announced a “long-term” partnership with Palo Alto, Calif.-based Theranos Inc. to bring the firm’s less invasive and lower cost lab testing into Walgreens stores. The companies said the tests on “micro-samples” are done more quickly and available to physicians within hours.
Source URL: http://investorplace.com/2013/09/walgreens-to-buy-kerr-drug-chain/
Short URL: http://invstplc.com/1aLDh3r
Copyright ©2014 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.