Walgreens acquired the assets of the digital supernova pharmacy Medly Health for $19.35 million. According to a bankruptcy court filing, the transaction included its files, inventory, and intellectual property. The deal did not include Medly's retail assets.
WHO: Founded in 2017, Brooklyn-based Medly Health described itself as the nation's fastest-growing digital pharmacy. With a mission to democratize pharmacy access, the company was a full-service pharmacy that provided on-demand, same-day prescription delivery, validated and filed insurance claims, and worked directly with patients to manage adherence to medication and refills. The company operated four full-service digital pharmacies, 21 brick-and-mortar, full-service specialty pharmacies serving 20 markets across nine states, and one health and wellness store in Seattle. Medly Health also operated an e-commerce business through Pharmaca.com.
WHY: Medly had plans to disrupt drugstore giants like CVS and Walgreens, raising $110 million from investors, but the post-pandemic business landscape left the company mired in about $100 million in debt. Medly Health filed in the US Bankruptcy Court in Delaware. The company filed for Chapter 11 bankruptcy in December 2022 for Medly Health and 31 of its affiliates, including Pharmaca, listing $11.4 million in assets and $105.6 million in liabilities.
IN THEIR OWN WORDS: "We are pleased to have reached agreement to acquire the pharmaceutical records and other select assets across 22 Pharmaca Integrative Pharmacies and 4 Medly Pharmacies nationally," a Walgreens rep told Drug Store News. "Additional details are contained in the Medly Bankruptcy Sale Order approved earlier this week by the U.S. Bankruptcy Court for the District of Delaware."
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