Kroger Co to merge with specialty pharmacy Axium Pharmacy
American retailer The Kroger Co will be buying the outstanding shares of Axium Pharmacy Holdings, Inc, a leading specialty pharmacy to create merger of two companies.
The specialty pharmacy Axium Pharmacy provides drug therapies and patient-support services to treat chronic, genetic and other complex medical conditions such as cancer, Hepatitis C, Rheumatoid arthritis, multiple sclerosis and other chronic care conditions.
This alliance will give Kroger enhanced capabilities to serve customers who require complex drug therapies, and to deliver those therapies at greater value to customers and insurance players.
The financial terms were not disclosed. Lincoln Lutz, Kroger’s Vice President said, “Kroger and Axium are a strategic fit as we look to enter the high-growth specialty pharmacy business.” Mr. Lincoln also said, “The combination of Axium’s expertise and Kroger’s 1,950 pharmacy locations 91 Little Clinic locations, and pharmacists who provide health coaching, biometric screening and other wellness services will deliver positive health outcomes for our patients, cost savings for insurance payers, and unique services for physicians.”
Kroger’s President and COO said, “This partnership supports Kroger’s long-term growth plans, with strong return on invested capital.” Axium will continue to operate as an independent company within the Krogers family.
Kroger employs more than 339,000 associates who serve customers in 2,425 supermarkets and multi-department stores in 31 states.