Medly Pharmacy announced today that it recently entered into a definitive agreement to acquire the pharmacy chain Pharmaca. The acquisition is expected to close in the third quarter of 2021 and is subject to customary closing conditions. For nearly 20 years, Pharmaca has operated 28 stores, offering a combination of wellness products including supplements, vitamins, and over-the-counter medications, health services, and dispensing prescription medications. Pharmaca was recently named to Newsweek's list of America's Best Trending Online Shops.
When this acquisition closes, Medly will expand its presence to almost 30 markets and provide customers with same-day free delivery on health and wellness products including over-the-counter medicines, vitamins and supplements, and natural beauty products, in addition to prescription medications.
With this unprecedented expansion, Medly is moving into the $1.5 trillion dollar 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 nation's fastest-growing digital pharmacy, Medly launched in 2017 with a mission to democratize pharmacy access by providing free same-day prescription delivery. Medly provides a comprehensive solution by dispensing all types of medications, including specialty, brand, generic, and topical drugs. Medly accepts all insurances, including Medicare and Medicaid and helps with discounts whenever possible, helping customers save $13 million on their prescriptions to date.
"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.
"We're thrilled to welcome Pharmaca into the Medly family. We are excited to merge Medly's deep knowledge of the pharmacy space with Pharmaca's extraordinary wellness offerings, providing customers with a 360-degree pharmacy experience."
"This transformative offering will ensure customers can get the full range of their healthcare needs delivered directly to their door. In addition, we look forward to expanding Medly's presence in the west to become the first digital pharmacy to have truly national reach." - Dr. Marg Patel, CEO and Cofounder of Medly.
Pharmaca customers will continue to get their prescriptions and unique products and services with the intention of integrating Medly's technology-enabled services over the next 18 months. Medly will begin the rollout of their new full-service offering starting in Q3 of 2021. PJ SOLOMON served as strategic and financial advisor to Pharmaca Integrative in its sale to Medly Pharmacy. The transaction was led by Syed Husain, Managing Director of the Pharmacy and Healthcare practices, with support from Flore Gimello, Jeff Feigenbaum, Yanfei Gao and Oliver Blecher.
About Medly Pharmacy Medly Pharmacy is a full-service, digital pharmacy that delivers a patient's prescriptions to their door for free on the same day in New York City, New Jersey, Philadelphia, Miami, Baltimore, Raleigh, Atlanta, Fort Worth, and San Antonio. Medly Pharmacy is the fastest-growing digital pharmacy, having raised $100 million in a Series B fundraising round in July 2020 to democratize access to the pharmacy across the nation. Medly's digital experience makes managing prescriptions simple, efficient, smart, and most importantly, safe for customers. More information can be found at Medly.
About Pharmaca Pharmaca, Inc. was founded in June 2000 in Boulder, Colo., as the nation's first integrative pharmacy chain offering traditional pharmacy services alongside natural and complementary health solutions, including natural health and beauty products. In addition to its 28 brick-and-mortar locations, Pharmaca has a robust online retail and educational presence at Pharmaca.
Forward-Looking Statements This release contains certain forward-looking statements with respect to the operations and business of Medly and certain of the plans and objectives of Medly with respect to these items. Examples of forward-looking statements include statements made about the plans, strategy and future developments both in Medly's organic business and following completion of Medly's acquisition of Pharmaca. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.
Media Contact: Baxter Townsend Baxter@Tuskstrategies.com (631) 697-8530
SOURCE: Medly Pharmacy