Transaction helps strengthen independent-pharmacist business model

Montreal, Quebec, June 19, 2008 – McKesson Canada Corporation announced today that it will acquire all outstanding shares from Groupe PharmEssor Inc. (owner of the Proxim and ProxiMed brands), subject to customary closing conditions. Indeed, the vast majority of the shareholders voted in favour of a special motion passed yesterday during a Special Meeting of Groupe PharmEssor’s Shareholders. Under the confidential terms of the arrangement, McKesson Canada will acquire the banners, while member-pharmacists will remain owners of their pharmacies. The transaction will therefore have no impact on the autonomy of pharmacists nor change their professional responsibilities.

 

“McKesson Canada is enthusiastic about this transaction, which strengthens a longstanding distribution relationship with Proxim for the distribution of pharmaceutical products, over-the-counter medications, and consumer products,” says Domenic Pilla, President, McKesson Canada . “We believe the acquisition will benefit Proxim’s independent entrepreneur pharmacist banner members through improved access to McKesson Canada ’s supply chain, which will enhance the product and service offerings they provide their customers.”

 

“This agreement will reinforce the independent-pharmacist business model and will allow Proxim to strenghten its positioning, oriented towards the well-being of its clientele” adds Michel Chartrand, President and Chief Executive Officer, Proxim.

 

The business partnership between McKesson Canada and Proxim dates back to the 1980s, when McKesson Canada began providing distribution services for Proxim banner pharmacies. Proxim manages close to 270 retail outlets in Quebec . Both companies have a longstanding presence in Quebec and strong commitments to their communities.

 

Proxim, which was established in 1984, is well-known for its focus on customer relationships and for support of health, charitable and sporting events. McKesson Canada , founded more than 100 years ago in Montreal , also places strong emphasis on outstanding client service along with support for children’s health and educational efforts, through the McKesson Foundation.

 

About Proxim

Proxim is a group of independent pharmacists that share a vision of professional practice as a fundamental value. The group was formed with the merger of the ESSAIM, SANTÉ SERVICES and OBONSOINS banners in September 2004. Proxim offers a wide range of flexible services that are tailored to today’s changing market, thus helping member pharmacists achieve excellence within their communities. Proxim is a network of close to 270 independently-owned pharmacies located throughout Quebec , Ontario and the Atlantic provinces .

 

About McKesson Canada

Founded more than 100 years ago, McKesson Canada is the leading provider of logistics as well as information products and services within the Canadian health care marketplace. McKesson Canada carries more than 35,000 products, in 17 distribution centers, and provides logistics and distribution to more than 800 manufacturers – delivering their products to 6,300 retail pharmacies, 1,350 hospitals, long-term care centers, clinics and institutions throughout Canada . Beyond pharmaceutical distribution, McKesson Canada has provided automation services for 2,500 retail pharmacies; and is also active in hospital automation solutions, dispensing more than 100 million doses each year. The company also provides a full range of services to Canadian manufacturers and healthcare providers, contributing to the quality and safety of care for Canadian patients. McKesson Canada and is a wholly-owned subsidiaries of McKesson Corporation of San Francisco .