Amazon acquires pharmacy startup PillPack; purchase price thought to be near $1b

Amazon acquires pharmacy startup PillPack; purchase price thought to be near $1b

PillPack pre-sorts pills into date- and time-stamped packets for patients who take multiple drugs - common for older people dealing with several chronic conditions.

Forget yesterday's news. Get what you need today in this early-morning email. Industries ranging from grocery stores to athletic-apparel retailers to package-delivery services have also, in the past year, seen billions in market value erased by a single Amazon announcement. "The market and the press are making it out to be a bigger deal than what it actually is", Lekraj said.

Walgreens Chief Executive Stefano Pessina, in a conference call after reporting quarterly results, said he was "not particularly worried" about the PillPack deal, describing it only as a "declaration of intent" by Amazon.

In premarket trading, shares of drugstore chains Walgreens, CVS and Rite Aid slid. It had raised $123 million in financing, most recently $5 million in debt from TriplePoint Venture Growth in August 2017, according to data from industry research firm PitchBook.

"They've gotta go to the store three or four times a month because the pharmacy can't even fill them the same day", Parker said. The specifics of what the company will do, though, are still unknown.

Jan Vertonghen 'relishing' World Cup clash with Tottenham teammate Harry Kane
If they are lucky enough to advance to the semi-final, they will be greeted by one of France, Argentina, Portugal or Uruguay. But Southgate did concede he would probably make some changes for a clash that neither side needs to win.

PillPack was founded in 2013 by then-pharmacy student T.J. Parker and Elliot Cohen through the Massachusetts Institute of Technology's Hacking Medicine initiative.

As it has grown, the company has found itself entangled with some of the traditional powers in the business.

"Manchester is proud to be home to innovative companies like PillPack that are not only driving our city's economic growth, but improving people's lives". "Pharmacy networks are controlled by managed care companies and pharmacy benefit managers with captive mail order capabilities". The companies patched things up a few weeks later.

Amazon, which has become a retail behemoth since its start as an online bookseller in 1994, is known for its willingness to forego profit, while slashing prices to win customers.

That's bad news for Walgreens.

Related Articles

  • Colombia's Cuadrado warns of Senegal threat ahead of Group H finale

    Colombia's Cuadrado warns of Senegal threat ahead of Group H finale

    His exit did little, however, to revive the sluggish South Americans, who had been second best in nearly every department. Colombia might control the run of play and create more chances, but Senegal will be risky on the counter-attack.
    China welcomes Trump’s softer tone over United States  investments

    China welcomes Trump’s softer tone over United States investments

    Mnuchin told reporters the White House expected it would have all the tools it needs once the new law is passed by Congress. Published reports has said the administration was about to embark on a far tougher approach.
    Sixers made an offer for Kawhi Leonard

    Sixers made an offer for Kawhi Leonard

    But they will be barred from receiving players in sign-and-trade deals, which means they would need to clear cap space. This narrows his choice down to two teams according to ESPN's "First Take" co-host Max Kellerman.
  • Southgate wants England to 'go for it' at WC

    Southgate wants England to 'go for it' at WC

    If England win Group G , and get past the runner-up of Group H , they will play the victor of Brazil and Mexico in the quarter-finals.
    Watson soars for third Travelers' triumph

    Watson soars for third Travelers' triumph

    He broke out of the pack by hitting all 18 greens, and he has a streak of 23 straight greens in regulation heading into today. The 22-year-old Australian is ranked ninth in the world and in search of her fifth career victory.
    Rutte calls for European leaders to end war of words on migration

    Rutte calls for European leaders to end war of words on migration

    Disagreement over how to reform European migration policy was rife among leaders in the days leading up to the summit. After the summit, Mr Conte said it had gone well and "we are all pulling in the right direction".
  • Cisse: I can't ask my players to not receive yellow cards

    Japan , with 10 minutes to play of their final group game against Poland, appeared to have been made aware of the situation, after Yerry Mina headed Colombia ahead against Senegal .
    South Korea fans celebrate after beating Germany

    South Korea fans celebrate after beating Germany

    It is the first time since 1938 that Germany has not advanced out of the group stage of World Cup play. They could also have gone through with a draw, if the Sweden-Mexico game had also ended in a draw.
    Serena Williams handed Wimbledon singles seeding as she targets eighth title

    Serena Williams handed Wimbledon singles seeding as she targets eighth title

    In turn, top players - such as defending champion Sabine Muguruza , French Open champion Simona Halep and reigning U.S. Caroline Wozniacki , John McEnroe and USTA president Katrina Adams have spoken out in support of Williams.
  • Brexit marchers demand final vote on departure

    Brexit marchers demand final vote on departure

    A spokesperson said the business department was speaking with officials from the aerospace giant on Friday. BMW makes the Mini and Rolls-Royce and employs about 8,000 people in Britain.
    Trump warns Harley-Davidson: 'We won't forget'

    Trump warns Harley-Davidson: 'We won't forget'

    Rather, Harley-Davidson opened a factory in Thailand after Trump pulled the US out of the Trans-Pacific Partnership. The company doesn't have specific information on where production for the European Union will take place, he said.
    Southgate: Germany's exit has no bearing on England

    Southgate: Germany's exit has no bearing on England

    The only issue at stake for England against Belgium is whether they finish first or second in Group G. Germany were stunned 2-0 by South Korea today to exit the World Cup in Russian Federation .