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KELOWNA, British Columbia — Shareholders of Paragon Pharmacies have approved the sale of 19 retail pharmacies and three central fill pharmacies to Shoppers Drug Mart.
The transaction is expected to close Aug. 1.
As previously reported by Drug Store News, the purchase price was recently revised from about $75 million to $73.5 million following a due diligence review by Shoppers that included a review of Paragon's store operating income.
The acquisition of the Paragon retail pharmacies, along with the central fill locations that service the long-term care market, will expand Shoppers' retail presence in western Canada and will provide a platform for the company's MediSystem Technologies business to enter the British Columbia and Manitoba markets.