Medly Pharmacy the Brooklyn-based digital pharmacy has signed a definitive agreement to acquire Boulder-based Pharmaca Integrative Pharmacy in a transaction that is expected to close in the third quarter of 2021.
WHO: Pharmaca was founded in June 2000 in Boulder as the nation's first integrative pharmacy chain offering traditional pharmacy services alongside natural and complementary health solutions, including natural health and beauty products. Pharmaca operates 28 stores, offering wellness products such as vitamins and supplements and over-the-counter medications, prescription medications, and health services.
Founded in 2017, Medly described itself as the nation's fastest-growing digital pharmacy. With a mission to democratize pharmacy access the company provides free same-day prescription delivery to customers in New York City; New Jersey; Philadelphia; Miami; Baltimore; Raleigh, North Carolina; Atlanta; and Fort Worth and San Antonio, Texas.
WHY: With the acquisition, Medly will expand to almost 30 markets and provide customers with same-day free delivery. Pharmaca will also provide Medly with knowledge of the wellness space.
IN THEIR OWN WORDS: "Health is more than prescription drugs, it encompasses the whole realm of healthcare products and services to provide holistic care. With Medly's national digital presence, more people than ever before will have convenient access to the best in medicine, and will be able to get these products delivered to their door at no cost," announced Richard Willis, CEO of Pharmaca.
"With this unprecedented expansion, Medly is moving into the $1.5 trillion health and wellness industry and stands apart from competitors by positioning itself as the first digital pharmacy to enter the broader health and wellness space on a national scale," the company said in a press release.
- Medly Pharmacy to acquire Boulder-based Pharmaca Integrative Pharmacy. The terms of the deal were not disclosed.
- Medly raised $100 million in Series B funding in July 2020.
- Pharmaca has raised a total of $95.7 million in funding over nine rounds, according to Crunchbase. Their latest funding was raised on February 2017.
- PJ Solomon served as strategic and financial advisor to Pharmaca Integrative in the sale.
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