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PharmaCorp Rx up 10% as Announces Pharmacy Acquisition

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PharmaCorp Rx (PCRX.V), up 10.4% on last look, is acquiring a PharmaChoice Canada-bannered pharmacy in Morrisburg, Ontario, for $8.2 million, the company said on Monday.

PharmaCorp had executed letters of intent earlier this year regarding four additional pharmacy acquisitions. The Morrisburg pharmacy is the first conversion of the LOIs into a share purchase agreement.

The acquisition, which is expected to close within 60 days, will increase PharmaCorp's store count to 15, including the eight PharmaChoice-bannered pharmacies in Eastern Canada, announced last month.

PharmaCorp shares were last seen up $0.05 to $0.53 on the TSX Venture Exchange.

Price: $0.53, Change: $+0.05, Percent Change: +10.42%

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