McKesson announced the deal on Thursday, which includes brick-and-mortar pharmacies as well as the Well.ca e-commerce site
Rexall’s American owner has sold the pharmacy chain to Canadian private equity firm Birch Hill Equity Partners.
Texas-based McKesson Corp. announced the deal on Thursday, which includes the brand’s brick-and-mortar pharmacies as well as the Well.ca e-commerce site. Financial terms of the deal were not disclosed. The Globe and Mail first reported that McKesson, a distribution giant in the pharmaceutical industry, was seeking a buyer for RexallMcKesson began building its retail presence in Canada in 2008, when it bought 270 independently owned pharmacies in Quebec that operated under he Proxim and ProxiMed brands. It then spent $920-million to acquire pharmacies operating under brands such as IDA and Guardian Drugs from the Katz Group Canada Ltd. in 2012.
Eight years later, McKesson is prioritizing investments in the oncology and biopharma services side of the business, which are growing, chief executive officer Brian Tyler said in a statement on Thursday.
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