Amazon To Buy Somerville-Based Online Pharmacy PillPack

Amazon buys PillPack an online pharmacy that was rumored to be talking to Walmart		
		
	Ingrid Lunden

       @	   
   	7 hours

Amazon's purchase of an online chemist that opens an immediate nationwide drug network in the U.S. has shaved billions off the value of three major pharmacy chains.

Amazon has said it is buying online pharmacy PillPack, sending shares in rival healthcare firms tumbling over fears of competition from the online retail giant.

Walmart was in talks to acquire PillPack earlier this year for less than $1 billion, CNBC reports, and the company was last valued at $360 million. The transaction is expected to close in the second half of 2018, according to a statement from the companies.

'PillPack's visionary team has a combination of deep pharmacy experience and a focus on technology, ' said Jeff Wilke, head of Amazon Worldwide Consumer. The five-year-old company manages multiple prescriptions for customers by pre-sorting, packaging, and delivering drugs with a round-the-clock staff that can be contacted online or by phone. Terms of the June 28 deal were not disclosed.

PillPack holds pharmacy licenses in all 50 states and is authorized to deliver in 49 states and is an in-network pharmacy for major Medicare Part D plans. It also handles deliveries, refills, and adjustments to medications.

Watch Walgreens, CVS, and Rite Aid trade here. "We're excited to see what we can do together on behalf of customers over time".

Читайте также: South Korea v Germany

The announcement comes one week after Amazon, JPMorgan Chase and Berkshire Hathaway revealed the CEO of their new healthcare tech company. Shares of drug wholesalers Mckesson Corp, Cardinal Health and AmerisourceBergen were also down.

"When Amazon sneezes, everybody else catches a cold", said Joseph Feldman, an analyst with Telsey Advisory.

PillPack has raised more than $100 million in investor funding.

"They've gotta go to the store three or four times a month because the pharmacy can't even fill them the same day", Parker said. Pharmacy benefit manager Express Scripts was also lower.

"PillPack makes it simple for any customer to take the right medication at the right time, and feel healthier", said TJ Parker, co-founder and CEO of PillPack.

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