Under the $66 million deal, announced in late March, Fred’s acquired Reeves-Sain Drug Store’s EntrustRx specialty pharmacy operation, which has facilities in Spring Hill, Tenn., and Columbus, Miss., and the single Reeves-Sain retail pharmacy in Murfreesboro, Tenn.
EntrustRx is licensed in all 50 states and dispenses specialty drugs to treat complex diseases and conditions, with its main lines of therapy including hepatitis C, oncology, growth hormones, multiple sclerosis and rheumatology.
“We continue to be very excited about the prospects for expansion in specialty pharmacy, the largest growth area of the pharmacy industry, and we expect that EntrustRx will increase the momentum of these efforts,” Fred’s chief executive officer Jerry Shore said in a statement Tuesday.
“Specifically, this acquisition strengthens our specialty pharmacy operations, and the Reeves-Sain Drug Store is a model for a scalable retail experience, providing clinical services, immunizations, compounding, and hospice medications,” Shore added. “We welcome the skilled and valued EntrustRx and Reeves-Sain Drug Store employees to the Fred’s team and know that they will make great contributions to the future of our pharmacy operations.”
Fred’s operates 661 discount general merchandise stores in the Southeast. To help drive sales, the company recently implemented plans to have pharmacies in a greater share of its store base. Currently, about half of the retailer’s stores have pharmacies.