Monday 14th February 2011
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Pharmacybrands Group is to buy the shares in Radius Pharmacy for $17.1 million, with an assumption of debt of $18 million, subject to net asset and other adjustments.
Pharmacybrands today said the agreement was conditional on the approval of its shareholders, who were expected to meet in late March, and completion of finance arrangements.
Radius Pharmacy holds interests in 34 pharmacies and has annual revenue around $86 million.
Pharmacybrands said Radius Pharmacy would be a strong fit with its existing business, strengthening its ability to invest in systems and other resources to enhance the services to pharmacies operating under its brands.
Retail competition was primarily from other channels and the company must invest in the tools and developing the skills to compete effectively, at the same time as investing in new service opportunities in primary care, Pharmacybrands chief executive Alan Wham said.
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