Walgreens to Buy Kerr Drug Chain

by Burke Speaker | September 10, 2013 11:54 am

Walgreens to Buy Kerr Drug Chain

Walgreens (WAG[1]) 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.

From Forbes:[2]

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[3]) and Wal-Mart (WMT[4]) 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.

Endnotes:
  1. WAG: http://studio-5.financialcontent.com/investplace/quote?Symbol=WAG
  2. From Forbes:: http://www.forbes.com/sites/brucejapsen/2013/09/10/walgreen-buys-more-drugstores-while-expanding-services-for-obamacare/
  3. CVS: http://studio-5.financialcontent.com/investplace/quote?Symbol=CVS
  4. WMT: http://studio-5.financialcontent.com/investplace/quote?Symbol=WMT

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