Graymark Healthcare Inc entered a definitive agreement under which Walgreen Co will acquire substantially all of the assets of ApothecaryRx, the independent pharmacy division of Graymark Healthcare.
"The divestiture of our pharmacy division will allow us to put full focus on our sleep apnea business and to continue to grow that segment both organically and through acquisitions," said Stanton Nelson, chairman and CEO of Graymark Healthcare. "Rapid growth in the sleep segment, strong margins, and the lack of a definitive market leader in the sleep apnea space make this a very desirable area for our focus and investment."
The transaction is subject to customary regulatory conditions and would include all 18 ApothecaryRx stores located in five states. The parties anticipate that the transaction will close in the fourth quarter of calendar year 2010.