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AmerisourceBergen Makes Buy

Pharmaceutical-services provider AmerisourceBergen (ABC - Get Report) said its Canadian subsidiary has agreed to acquire the drug distributor Rep-Pharm.

Rep-Pharm distributes drugs mostly to retail pharmacies in Ontario, Quebec and Alberta. While the specific terms of the acquisition weren't disclosed, AmerisourceBergen says Rep-Pharm brought in revenue of more than $600 million in the last 12 months.

After completing the acquisition, AmerisourceBergen said its Canadian pharmaceutical-distribution business will have more than $1.4 billion in annualized sales and occupy the No. 2 position in Canada. "The acquisition also continues AmerisourceBergen's strategic focus on the pharmaceutical supply channel," CEO R. David Yost said in a press release

The deal, which is expected to close by Sept. 30, probably won't be material to earnings. AmerisourceBergen's shares added 7 cents to $41.87 Wednesday.

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