IRVING, Texas — According to published reports in the Globe and Mail, McKesson Corp. is looking to divest its Canadian drugstore chain, Rexall Pharmacy Group, seven years after the initial acquisition valued at approximately $3 billion (US$2.2 billion). The Texas-based pharmaceutical giant has enlisted CIBC as its sell-side financial advisor for the potential sale.
McKesson’s purchase of Rexall in 2016 from Katz Group was a significant move to solidify its presence in Canada’s pharmaceutical supply chain. Operating 400 pharmacies nationwide and boasting an employee base of 8,000, Rexall also houses a pharmaceutical distribution arm.
The company has communicated with potential buyers since the summer, entering the second round of offers with no finalized bid date, according to the Globe and Mail. As per the report, the sale may or may not include Rexall’s pharmaceutical distribution arm, which has piqued the interest of several potential bidders.