SAN FRANCISCO and TORONTO — McKesson Corp. plans to acquire Canadian drug store operator Rexall Health from Katz Group for $1.9 billion ($3 billion Canadian).
McKesson said Wednesday that the deal will strengthen its position in Canada’s pharmaceutical supply chain and is a natural step for the two companies, which have worked together for more than 20 years.
“The acquisition of Rexall Health supports McKesson’s commitment to drive value in the industry by improving health care solutions delivered in the pharmacy. It enhances our ability to provide best-in-class pharmacy care through an expanded retail footprint for patients across Canada,” John Hammergren, chairman and chief executive officer of McKesson, said in a statement.
“Canada’s health care environment is rapidly evolving. It is marked by a move of primary care into pharmacy and increasingly complex patient demand,” Hammergren added. “With today’s announcement, McKesson will bring together the strengths and expertise of our diverse portfolio to address challenges and opportunities in delivering the very best patient care.”