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McKesson Corporation has announced the completion of its $1.7 billion acquisition of Rexall Health, a move intended to strengthen McKesson's position in Canada's pharmaceutical supply chain.
Through the deal — which was subject to review by the Competition Bureau of Canada under the Investment Canada Act — McKesson acquired about 470 retail pharmacies, but agreed to give up stores in 26 local markets that were identified during the review.
"With complementary assets, industry expertise, and shared values, we will now serve our customers with enhanced retail pharmacy capabilities and a broader reach across Canada,” John H. Hammergren, chairman and CEO of McKesson Corporation, said in a statement.
As in the U.S., Canadians are starting to turn to pharmacies more for health care advice and additional services. Rexall Health will provide McKesson Canada's customer base with a wider range of pharmaceuticals.
McKesson also announced that Domenic Pilla will become CEO of McKesson Canada on January 3. He will report to the the executive vice president and group president of McKesson Corporation, Paul C. Julian.
Pilla will lead McKesson's distribution and retail businesses in Canada, including Rexall Health. The current CEO of Rexall Health, Jürgen Schreiber, will be leaving the company to "pursue other opportunities."
Pilla was previously president of Shoppers Drug Mart and McKesson Canada, which gave him experience on both the wholesale and retail sides of the business.
Rexall Health will have a dedicated management team in Canada under Pilla. He is expected to name a new president of the company in the near future, who will assume a daily leadership role.
