KKR, Walgreens buy PharMerica for $909M

Private equity investment firm KKR and the Walgreens Boots Alliance have joined efforts to acquire PharMerica, a national pharmacy benefit manager with a strong foothold in long-term care, for $909 million.

Under the terms of the agreement, PharMerica shareholders will receive $29.25 in cash for each share of PharMerica common stock upon closing of the proposed transaction, according to a KKR release. The acquisition agreement was unanimously approved by the Board of Directors of PharMerica.

This transaction will deliver immediate and compelling value to all PharMerica shareholders, as well as substantial benefits to our clients and employees," said PharMerica CEO Gregory S. Weishar in the release. "With the support of KKR and a strategic partner in Walgreens Boots Alliance, PharMerica will have additional resources and expertise to advance and grow the business. We look forward to the completion of the transaction and to achieving the meaningful benefits of this complementary relationship."

PharMerica has 121 pharmacy locations serving long-term care facilities, skilled nursing centers, hospitals and specialty medical centers.

Topics: Finance