ECRM_1170x120_4-15-17

Fred’s boosts funding for Rite Aid store purchase

Fred’s boosts funding for Rite Aid store purchase

MEMPHIS, Tenn. — Fred’s Pharmacy has procured $550 million in additional funding for its deal to buy up to 1,200 Rite Aid stores in connection with the Walgreens-Rite Aid merger. In an 8-K filing with the Securities and Exchange Commission yesterday, Fred’s said that for a second time it has amended and restated a commitment

McKesson finds buyer for divested Rexall drug stores

McKesson finds buyer for divested Rexall drug stores

OTTAWA — McKesson Corp. is selling 27 Rexall drug stores to Rx Drug Mart Inc. under a consent agreement with the Competition Bureau of Canada for its $2.2 billion acquisition of Rexall Health. The Competition Bureau said Friday that it has approved Rx Drug Mart, a Toronto-based independent pharmacy network, as the buyer of the

Reports: FTC angling to block Walgreens-Rite Aid merger

Reports: FTC angling to block Walgreens-Rite Aid merger

NEW YORK — The Federal Trade Commission is readying a lawsuit to block the Walgreens-Rite Aid merger deal, according to published reports. Citing policy news service Capital Forum, which analyzes the antitrust review of mergers and acquisitions, Investors Business Daily said on Friday that the FTC was “preparing advice” to take action against the transaction,

CVS Health, Cigna take new approach to care

CVS Health, Cigna take new approach to care

WOONSOCKET, R.I., and BLOOMFIELD, Conn. — CVS Health and Cigna say they’re ushering in a new health care and drug coverage model with the launch of Cigna Health Works, which joins Cigna-administered health benefits with CVS Pharmacy and MinuteClinic retail pharmacy and health services. CVS and Cigna said Thursday that Cigna Health Works is designed

Rite Aid execs: Merger approval not guaranteed

Rite Aid execs: Merger approval not guaranteed

NEW YORK — In a memo to employees this week, Rite Aid Corp.’s top executives appear to acknowledge that the company’s acquisition by Walgreens Boots Alliance (WBA) may not be cleared by the Federal Trade Commission. “We remain actively engaged in discussions with the FTC to attempt to gain regulatory approval, and there can be

Fred’s Pharmacy records 1Q net loss

Fred’s Pharmacy records 1Q net loss

MEMPHIS, Tenn. — Fred’s Pharmacy posted a fiscal 2017 first-quarter net loss, stemming largely from charges related to store closings and its planned purchase of at least 865 Rite Aid stores. Fred’s said Tuesday that for the first quarter ended April 29, the company had a net loss of $36.5 million, or 98 cents per

CVS Pharmacy acquires Doc’s Drugs

CVS Pharmacy acquires Doc’s Drugs

WOONSOCKET, R.I. — CVS Pharmacy plans to buy Doc’s Drugs, a chain of 14 drug stores in Illinois. Financial terms of the acquisition weren’t disclosed. CVS said all of the Doc’s stores will be converted and rebannered as CVS Pharmacy by late July. The Doc’s stores being acquired — including one Sartoris Drugs location —

Sobeys promotes pharmacy chief Vivek Sood to bigger role

STELLARTON, Nova Scotia — Vivek Sood, pharmacy chief at Sobeys Inc., has been appointed executive vice president of related businesses at the Canadian food and drug retailer’s parent, Empire Co. In his new role, Sood will oversee the company’s pharmacy, wholesale, fuel, convenience and liquor businesses and report to Michael Medline, president and chief executive

Fred’s sees same-store sales uptick for May

Fred’s sees same-store sales uptick for May

MEMPHIS, Tenn. — Fred’s Pharmacy saw same-store sales edge up in May, though store closings led to a year-over-year revenue decline for the month. Fred’s said Thursday that sales for the four weeks ended May 27 totaled $160.1 million, down 3.1% from $165.2 million a year earlier. The company attributed the sales decrease to the closure

Albertsons acquires MedCart Specialty Pharmacy

Albertsons acquires MedCart Specialty Pharmacy

BOISE, Idaho — Albertsons Cos. has acquired MedCart Specialty Pharmacy, a Livonia, Mich.-based provider of pharmacy services for people with complex diseases. Financial terms of the agreement weren’t disclosed. Plans call for MedCart, privately owned since 2012, to operate under its current leadership as a new business unit in Albertsons’ pharmacy organization. The MedCart unit

Lawmakers push for action on drug costs

Lawmakers push for action on drug costs

WASHINGTON — Sens. John McCain (R., Ariz.) and Tammy Baldwin (D., Wis.) and Rep. Jan Schakowsky (D., Ill.) this week reintroduced the Fair Accountability and Innovative Research (FAIR) Drug Pricing Act, aimed at improving cost transparency for pharmaceutical price hikes. The FAIR Drug Pricing Act would require drug manufacturers to notify the Department of Health

Uniprix shareholders OK acquisition by McKesson Canada

Uniprix shareholders OK acquisition by McKesson Canada

MONTREAL — Shareholders of Uniprix Group have given the green light for the Quebec drug chain to be acquired by McKesson Canada. Uniprix said late Tuesday that at a meeting in Drummondville, Quebec, 95% of Uniprix shareholders approved McKesson Canada’s bid to acquire all outstanding shares of Uniprix. McKesson Canada unveiled the deal to buy

Rx patients hit with higher out-of-pocket costs

Rx patients hit with higher out-of-pocket costs

YONKERS, N.Y. — Of Americans who regularly take a prescription drug, 25% say they now pay more out of pocket than they did 12 months ago for at least one of those medications, a new survey by Consumer Reports finds. The consumer advocacy organization said Tuesday that the phone survey of nearly 1,000 adults who

CVS Pharmacy sharpens focus on skin health

CVS Pharmacy sharpens focus on skin health

WOONSOCKET, R.I. — CVS Pharmacy has kicked off Long Live Skin, an in-store and multimedia campaign to promote sun protection and skin health. CVS said Monday that Long Live Skin starts with a focus on sun safety during May, which is Skin Cancer Awareness Month, and will continue through the summer. The campaign includes store

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