Walmart said to be in takeover talks with pharmacy startup
[NEW YORK] Walmart Inc is in early talks about a deal for closely held PillPack, an online startup that could help grow the retail giant's pharmacy offerings, according to people familiar with the situation.
PillPack and Walmart declined to comment. CNBC first reported the talks Monday, and said the price being discussed was less than US$1 billion. It's not clear if the talks will lead to a deal.
Closely held PillPack has raised US$118 million in venture funding, the company says on its website. It pre-sorts pills into date- and time-stamped packets for patients who take multiple drugs - common for older people dealing with several chronic conditions.
It has also developed pharmacy software that helps coordinate refills, makes sure the shipments are on time, and provides an online dashboard for patients.
Seniors are a key demographic for Walmart, which runs about 4,700 US pharmacies and has been eyeing how to expand its health-care business for years.
Walmart also has a deal with insurer Humana Inc to offer co-branded Medicare drug plans. Last week, Bloomberg and others reported that Walmart was discussing a closer partnership or merger with Humana.
The two companies haven't commented on the reports, and Bloomberg reported that they are mainly considering a deeper partnership to provide care to consumers at or near their homes, as opposed to an outright merger.
BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
HCA beats first-quarter profit estimates on higher patient admissions
US FDA approves Pfizer’s gene therapy for rare bleeding disorder
EU toughens rules on Chinese fashion retailer Shein
Best World under fire from shareholders at AGM over dividends, director salaries
‘Extreme’ climate blamed for world’s worst wine harvest in 62 years
Sheng Siong Q1 net profit up 9.3% on higher revenue