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McKesson finding suitors for Canada's Rexall Pharmacy - The Globe and Mail

Reuters
·1-min read

Jan 11 (Reuters) - U.S. drug distributor McKesson is planning to sell Canadian drugstore chain Rexall, The Globe and Mail reported on Thursday, citing sources familiar with the sales process.

McKesson bought Rexall Health from Katz Group in 2016 to strengthen its position in Canada's pharmaceutical supply chain. The deal was valued at about C$3 billion ($2.24 billion) at that time.

Rexall did not immediately respond to a Reuters request for comment, while McKesson declined to comment.

McKesson has been in contact with prospective buyers for Rexall, the report said.

There is no guarantee a deal will be completed, according to the report, adding that if a sale is completed, McKesson could remain a Rexall partner by supplying the chain through its pharmaceutical distribution arm. ($1 = 1.3381 Canadian dollars) (Reporting by Harshita Meenaktshi in Bengaluru; Editing by Rashmi Aich)