Reginal Thomas
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Walgreens Looking to Acquire Rite Aid

Walgreens Boots Alliance Inc. is close an acquisition of smaller rival Rite Aid Corp for more than $10 billion. In recent months there has been a consolidation in the U.S. drugstore sector, in August CVS bought Omnicare Inc for $10.1 billion.

Walgreens and Rite Aid might announce a deal as soon as Wednesday. Rite Aid shares rose 44% to $8.74 after the Wall Street Journal reported the news of the possible purchase. Walgreens’ shares rose 5.8% to $94.69.

The pharmaceutical industry has gone through a consolidation as firms look to beef up and bargain for lower drug prices from both manufacturers and the three biggest U.S. distributors.