AMERICAN pharmacy giant Walgreens has confirmed the US$165 million purchase of pharmacy patient prescription files relating to 185 stores operated by competitor Fred's Pharmacy.
The deal is part of efforts to improve the financial performance of Fred's which is undergoing a turnaround plan and is seeking to monetise non-core assets.
Once the deal settles Fred will be left with just 162 pharmacies in a number of general merchandise stores - a far cry from plans last year by Fred to bulk up its pharmacy presence by the purchase of 865 Rite Aid stores.
Fred's move was blocked by authorities, with Walgreens ending up buying almost 2,200 Rite-Aid stores instead.
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