Farmington, Conn., Familymeds announced that it began selling its pharmacy assets to Walgreens pursuant to the purchase agreement dated Feb. 14. Familymeds' shareholders approved the asset sale to Walgreens at its special shareholder meeting held last week at the company's Farmington, Mass. offices.
The purchase agreement is for the sale of up to 53 Familymeds locations, operating under the Familymeds and Arrow Pharmacy and Nutrition Center brands to Walgreens. Walgreens will pay approximately $60 million for pharmacy assets, customer accounts receivable and inventories for these locations, subject to adjustment based on closing physical inventory counts.
The majority of the locations sold will remain open and continue to operate in place; the remainder will have files and business transferred to a nearby Walgreens location. The company expects to complete the sale to Walgreens during the second quarter of 2007.