Fred's Super Dollar has signed an agreement to acquire Reeves-Sain Drug Store for $66 million. The retail pharmacy company, based in the Nashville area, includes EntrustRx, a specialty pharmacy.
EntrustRx, which is licensed in 50 states, dispenses medications for complex conditions including hepatitis C, oncology, growth hormones, multiple sclerosis and rheumatology, reported Drugstore News.
"We are excited to announce the acquisition of EntrustRx, which will further expand our presence in the specialty pharmacy arena—the largest growth area of the pharmacy industry," Fred's CEO Jerry Shore told Drugstore News. "It offers a strong strategic fit to our current specialty pharmacy operations. 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."
With the acquisition, Fred's will have access to accreditation and specialty networks, expertise in different diseases, access to limited-distribution medications and a model for retail.
The $66 million acquisition consists of $53 million in cash and a $13 million note payable.
Fred's joins Sears Holding Company in investing in specialty pharmacies that offer unique medications for often chronic diseases. Last year Kmart Pharmacy (NASDAQ:SHLD) partnered with Diplomat Specialty Pharmacy to offer customers and Shop Your Way members access to specialty medications.
-See this Drugstore News article
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