Walgreen Co. says it plans to acquire McKesson Corp.s specialty pharmacy business for an undisclosed sum.
The two companies have signed a definitive agreement for the transaction, which is expected to close within 60 days.
Walgreen said the acquisition will strengthen its position as the fourth-largest specialty pharmacy in the nation and will expand its preferred-payer agreements.
"This transaction will broaden access for patients and clients in the fast-growing oncology area and other specialty areas including multiple sclerosis, rheumatoid arthritis and reproductive health services, Stanley Blaylock, president of Walgreens Health Services, said in a news release.
The deal includes the McKesson specialty pharmacy in Pittsburgh; and IVPCare based in Frisco, Texas, with operations in Torrance, Calif., Wilmington, Mass., and St. Louis.
McKessons specialty pharmacy business is within the San Francisco-based companys specialty corporate business unit, which develops and implements programs for pharmaceutical manufacturers, payers and providers throughout the drug life cycle, including reimbursement support, distribution and transaction processing.
Walgreens Specialty Pharmacy, a subsidiary of Deerfield, Ill.-based Walgreen Co., provides injectable and biopharmaceutical medications for people living with chronic health conditions, and assists patients in obtaining medications, coordinates insurance benefits and provides individualized therapy management.