In March, MMW covered one of the biggest drug deals to go down in American history. And this one was perfectly legal. Three months ago, Walgreens announced plans to acquire online pharmacy retailer Drugstore.com for $409 million.
On Friday morning, the company said the acquisition was finalized and the purchase is complete. According to Walgreens, the transaction brings into the Walgreens family all websites owned and operated by Drugstore.com, not to mention its corporate offices and other facilities involved in product distribution and customer service.
For Walgreens, not withstanding the lofty price tag, the acquisition was particularly attractive, given that the purchase provides substantial new customer access for Walgreens e-commerce business. Drugstore.com presently boasts more than 3 million customers, all of whom collectively represent the prospect of big business to Walgreens.
“Our acquisition of drugstore.com today significantly accelerates our online strategy to leverage the best community store network in America by becoming the most convenient choice for health and daily living needs whether customers shop online or in our stores,” said Walgreens President and CEO Greg Wasson in March.
