Pharmacybrands to buy Radius Pharmacy
Pharmacybrands is looking to buy Radius Pharmacy, which holds interests in 34 pharmacies and has annual revenues of $86 million.
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The Pharmacybrands Group has today entered into an agreement to purchase Radius Pharmacy.
The proposed purchase price is $17.1 million with the assumption of debt of $18 million, subject to net asset and other adjustments.
The agreement is conditional on a number of matters including the approval of Pharmacybrands Limited’s shareholders and completion of finance arrangements.
It is anticipated that a meeting of Pharmacybrands Limited’s shareholders will be held in late March.
Radius Pharmacy Limited holds interests in 34 pharmacies and has annual revenues of $86 million.
Pharmacybrands said Radius Pharmacy would have a strong fit with their existing business, “further strengthening our ability to invest in systems and other resources to enhance the services to Pharmacies operating under our brands.”
Pharmacybrands chief executive Alan Wham said, “Retail competition is primarily from other channels and we must invest further in both the tools and developing the skills to compete effectively, at the same time as investing in new service opportunities in primary care.”
Mike Seymour, executive director for Radius Pharmacy said that the sale is a good result for the future of the company.
Niko Kloeten
Mon, 14 Feb 2011
Mon, 14 Feb 2011
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Pharmacybrands to buy Radius Pharmacy
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