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Article: Cardinal agrees to buy Medicine Shoppe. (Cardinal Health Inc.; Medicine Shoppe International)
- Article from:
- Chain Drug Review
- Article date:
- September 11, 1995
- Author:
CopyrightCOPYRIGHT 1995 Racher Press, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DUBLIN, Ohio - Pharmaceutical distributor Cardinal Health Inc., looking to enter the retail side of the business, has agreed to acquire Medicine Shoppe International (MSI) in a stock swap valued at about $348 million.
MSI, which is headquartered in St. Louis, is the nation's largest franchisor of retail pharmacies. The company currently has 987 locations in 46 states and 109 in seven foreign countries. During the last year, MSI pharmacies reported sales of $923 million. Revenues from franchise fees and other income was $53.8 million.
Cardinal, which last year had sales of $7.8 billion, supplies about one-fifth of the $500 million in merchandise ordered by MSI ...