Reginal Thomas
0
All posts from Reginal Thomas
Reginal Thomas in reginal thomas,

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.