Thursday, March 24, 2011

Drugstore.com Acquired By Walgreens

Bellevue-based drugstore.com, the online pharmacy retailer, has been acquired by Walgreen, the companies announced this morning. According to the two, Walgreens will acquire drugstore.com in a deal worth approximately $409M. Walgreens said the buy would "significantly accelerate" its online strategy. The two said drugstore.com stockholders will receive $3.80 in cash for each share of stock. drugstore.com had more than $456M in sales in 2010, and employes approximately 1,000 people. Walgreens was advised by Credit Suisse, Sidley Austin LLP, and Weil Gotshal & Manges LLP in the deal; drugstore.com was advised by Allen & Company and Sonenshine PArtners LLC, as well as Wilson Sonsini Goodrich & Rosati.