Longs to acquire chain of 24 pharmacies

April 17, 2006

Longs Drug Stores has entered into an agreement to buy Network Pharmaceuticals' 22 retail pharmacies, one wholesale pharmacy, and one closed-door pharmacy in southern California for about $10 million.

Longs Drug Stores has entered into an agreement to buy Network Pharmaceuticals’ 22 retail pharmacies, one wholesale pharmacy, and one closed-door pharmacy in southern California for about $10 million. The Walnut Creek, Calif., chain said Network’s retail pharmacies are located within or near medical office buildings, clinics, and hospital lobbies, while the wholesale pharmacy sells to physicians and the closed-door pharmacy serves hospice and long-term care patients. These 24 pharmacies will operate under the name of Network Pharmacies. Longs, which currently has 65 pharmacies, expects to complete the deal in the second quarter.

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