-- PharmaCorp Rx (PCRX.V) on Thursday said it agreed to acquire eight PharmaChoice Canada-bannered pharmacies in Eastern Canada for $24.2 million.
The acquisitions, which will be financed with existing cash on hand, expands PharmaCorp's geographical footprint and operating scale, a statement said. All locations will continue to be operated by their existing managing pharmacists.
The acquisitions are expected to close within 60 days.
PharmaCorp also signed non-binding letters to acquire four morel pharmacies, which, if completed, are expected to close over the next two quarters.
"The acquisitions reflect the continued execution of our acquisition strategy and the strength of our sourcing network," said executive chair Alan Simpson. "The clustering of these locations within a key urban market, combined with the continuity of experienced managing pharmacists, positions us to integrate efficiently while maintaining strong local relationships and operating performance. We are seeing an increasing number of acquisition opportunities where we are engaged early in the process, allowing us to selectively pursue acquisitions that align with our disciplined approach to valuation, integration, and long-term value creation."
PharmaCorp shares closed up $0.07 to $0.50 on the TSX Venture Exchange.