- McKesson Corp. (NYSE:MCK), a diversified healthcare stock, will sell its Rexall pharmacy and Well.ca online retail businesses to Birch Hill Equity Partners, a Canadian private equity firm, for an undisclosed price
- The transaction will allow McKesson to increase its focus on growing its oncology and biopharma services platforms
- McKesson Corp. is a diversified healthcare provider
- McKesson stock has added 27.99 per cent year-over-year and 262.88 per cent since 2019
McKesson Corp. (NYSE:MCK), a diversified healthcare stock, will sell its Rexall pharmacy and Well.ca online retail businesses to Birch Hill Equity Partners, a Canadian private equity firm, for an undisclosed price.
The transaction will allow McKesson to increase its focus on growing its oncology and biopharma services platforms, while remaining “fully committed to and confident in the strength of [its] Canadian distribution and biopharma businesses,” according to Thursday’s news release.
Birch Hill is a mid-market private equity firm with over C$5 billion dollars under management and more than 30 years of experience in the Canadian marketplace. McKesson sees it as a strategic home for Well.ca and Rexall’s 385 pharmacies across the country, given the firm’s commitment to “investing the resources and capital needed to build on the businesses’ strong foundation, while providing services to Canadians from more locations, to address critical healthcare needs,” the news release continued.
McKesson intends to remain a long-term wholesale distribution supplier to Rexall and Well.ca, stating that it continues to see value in both businesses.
Leadership insights
“This transaction marks an important milestone aligned to our enterprise strategy, advancing our strategic priorities, further streamlining our business and prioritizing investment in our growth areas of oncology and biopharma services,” Brian Tyler, McKesson’s chief executive officer, said in a statement. “We remain fully committed to and confident in the strength of our Canadian distribution and biopharma businesses. I am proud of the accomplishments that Rexall and Well.ca have achieved with McKesson and I have every confidence that both businesses will flourish under Birch Hill’s ownership.”
About McKesson Corp.
McKesson is a diversified healthcare provider dedicated to delivering insights, products and services to help make quality care more accessible and affordable.
McKesson stock (NYSE:MCK) is down by 8.79 per cent, trading at US$521.09 per share as of 11:20 am ET. The stock has added 27.99 per cent year-over-year and 262.88 per cent since 2019.
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