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A significant public policy priority for the Government of Canada is ensuring comprehensive, timely, and equitable access to medication for rare diseases; as such, the Government of Canada has allocated $500 million annually to a national strategy for rare disease drugs. McKesson Canada is proud to contribute to this conversation, drawing on experience with patient support programs, pharmaceutical distribution, and specialty pharmacy services.
McKesson Corporation Announces Sale of Rexall and Well.ca Businesses to Birch Hill Equity Partners - McKesson Canada
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IRVING, Texas, [September 5, 2024]—McKesson Corporation (NYSE: MCK) announced today that it has signed an agreement to sell its Canada-based Rexall and Well.ca businesses to Birch Hill Equity Partners, a Canadian private equity firm.
In line with McKesson Corporation’s enterprise strategy, this transaction enables McKesson to further focus and prioritize investments to grow its oncology and biopharma services platforms. McKesson Corporation remains fully committed to and confident in the strength of our Canadian distribution and biopharma businesses, delivering solutions to ensure the delivery of better health outcomes.
“This transaction marks an important milestone aligned to our enterprise strategy, advancing our strategic priorities, further streamlining our business and prioritizing investment in our growth areas of oncology and biopharma services,” said Brian Tyler, Chief Executive Officer, McKesson. “We remain fully committed to and confident in the strength of our Canadian distribution and biopharma businesses. I am proud of the accomplishments that Rexall and Well.ca have achieved with McKesson and I have every confidence that both businesses will flourish under Birch Hill’s ownership.”
Birch Hill Equity Partners is a mid-market Canadian private equity firm with more than 30 years of experience supporting Canadian companies on driving growth initiatives. Through this transaction, we believe Rexall and Well.ca will have a partner committed to investing the resources and capital needed to build on the businesses’ strong foundation, while providing services to Canadians from more locations, to address critical healthcare needs. McKesson Canada continues to see value in Rexall and Well.ca and intends to remain a wholesale distribution supplier to each business.
McKesson Canada will continue to own and operate Rexall and Well.ca until transaction close, which is subject to customary closing conditions, including necessary regulatory clearances.
Cautionary Statements
Except for historical information, statements in this press release related to McKesson’s proposed disposition of the Rexall and Well.ca operations and assets in Canada constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that involve risks and uncertainties that could cause actual results to differ materially from those in those statements. It is not possible to identify all such risks and uncertainties. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are first made. Except to the extent required by law, the company undertakes no obligation to publicly update forward-looking statements. We encourage investors to read the important risk factors described in the company’s most recent Form 10-K filed with the Securities and Exchange Commission. These risk factors include, but are not limited to: we might be adversely impacted by delays or other difficulties with divestitures such as the transactions described in this press release; we from time to time record significant charges from impairment to goodwill, intangibles and other assets or investments; we might be adversely impacted by events outside of our control, such as widespread public health issues, natural disasters, political events and other catastrophic events.
About McKesson Corporation
McKesson Corporation is a diversified healthcare services leader dedicated to advancing health outcomes for patients everywhere. Our teams partner with biopharma companies, care providers, pharmacies, manufacturers, governments, and others to deliver insights, products and services to help make quality care more accessible and affordable.Learn more about how McKesson is impacting virtually every aspect of healthcare at McKesson.com and read Our Stories.
Investor Contact
Rachel Rodriguez
469-260-0556
Rachel.Rodriguez@McKesson.com
Media Contact
Media@mckesson.ca
The Government of Canada would like to develop a solution to ensure universal drug coverage for Canadians. This solution would mean all Canadians would have access to a comprehensive, affordable drug insurance plan regardless of their province of residence or financial situation. Where the coverage comes from is an important consideration, but what ultimately matters is that all Canadians can acquire the medicine they need regardless of their particular financial, geographic or health circumstances.
During the COVID-19 pandemic in Canada, it became clear that any return to 'normal' would only be possible once the majority of Canadians received vaccines. At the time, a COVID-19 vaccine existed only in the designs of biomedical scientists, and most did not anticipate a mass-market vaccine arriving for at least 18 months. In addition to developing the vaccine, the pharmaceutical sector had to conquer the challenge of manufacturing, transporting, storing, and administering billions of doses.
