Walgreen to acquire select assets of Familymeds

March 5, 2007

Walgreen Co. has reached an agreement to acquire select assets of Farmington, Conn.-based Familymeds Group, a specialty pharmacy and medical specialty product provider. Walgreens is acquiring the assets for approximately $60 million, in addition to assuming certain real estate leases. The transaction includes 53 company-owned pharmacies in 11 states under the Familymeds Pharmacy, Ethical Pharmacy, Worksite Pharmacy, and Arrow Pharmacy & Nutrition Center brand names. Walgreens will continue operating a majority of the pharmacies, including the Worksite Pharmacy locations, which provide services to major employers on site. The remaining pharmacies will be closed as prescription files are transferred to nearby Walgreens pharmacies. All of the 500 Familymeds employees at the 53 locations involved are expected to be offered positions with Walgreens. The acquisition is expected to close in the second quarter.

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