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Gus Iversen, Editor in Chief | September 10, 2024
McKesson Corporation is selling its Rexall and Well.ca businesses to Birch Hill Equity Partners, a private equity firm based in Canada.
The agreement aligns with McKesson’s strategy to concentrate on its oncology and biopharma services, areas where the company plans to prioritize future investments.
“This transaction marks an important milestone aligned to our enterprise strategy, advancing our strategic priorities,” said McKesson CEO Brian Tyler, who added that McKesson remains committed to its Canadian distribution and biopharma operations. Tyler expressed confidence that Rexall and Well.ca will thrive under Birch Hill’s ownership.
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Birch Hill, a mid-market firm with over three decades of experience, is expected to provide Rexall and Well.ca with the resources needed to expand their services across Canada. McKesson will continue to serve as a wholesale distribution supplier to both businesses following the sale.
The transaction, subject to regulatory approvals, is expected to close following customary conditions. Until then, McKesson will retain ownership and operation of both businesses.
Last week, McKesson
announced it would acquire a 70% controlling interest in Community Oncology Revitalization Enterprise (CORE) Ventures, a business and administrative services organization established by a physician-owned oncology practice, Florida Cancer Specialists & Research Institute (FCS).
The deal, valued at approximately $2.49 billion in cash, is aimed at integrating Core Ventures into McKesson’s Oncology platform, and financial results will be reported within McKesson’s U.S. Pharmaceutical segment.
