American Associated Pharmacies Agrees to Acquire Remaining 50 Percent Stake in Arete Pharmacy Network, LLC
Arete Pharmacy Network to become wholly owned
Sep 17, 2018, 13:00 ET
SCOTTSBORO, Ala., Sept. 17, 2018 /PRNewswire/ -- American Associated Pharmacies (AAP), an independent pharmacy cooperative with over 2,000 pharmacy members, today announced it has signed a definitive agreement to acquire the remaining 50 percent interest in the joint venture of Arete Pharmacy Network. Arete Pharmacy Network is a quality-focused national Pharmacy Services Administrative Organization (PSAO), concentrated on the success and profitability of independent and community pharmacies. The transaction closed on Sept. 12, 2018.
Arete Pharmacy Network was formed in 2016 with a total of 2,250 stores; it has since grown significantly with over 2,800 pharmacies. This makes Arete Pharmacy Network the fourth largest PSAO in the nation. In December 2016, Arete Pharmacy Network further expanded its geographical footprint through the acquisition of RxPride — a deliberate strategy to extend the benefits of its programs and services.
"As a leading cooperative, we are constantly evaluating ways to improve the overall experience for our independent pharmacy members," said Jon Copeland R.Ph., AAP President and CEO. "The acquisition announced today is an example of our ongoing efforts to enhance our members' value. With complete ownership in Arete Pharmacy Network, we will expand our focus on the products, operations and employees needed to deliver improvements and to sustain new growth year over year. This change will help further strengthen the benefits the pharmacies and their patients derive from participation with the quality-focused network."
To learn more, visit areterx.com.
About American Associated Pharmacies
American Associated Pharmacies (AAP) is a member-owned cooperative of over 2,000 independent pharmacies working together as a cohesive network. AAP in partnership with its subsidiaries, Associated Pharmacies, Inc. (API), Arete Pharmacy Network, and AllyScripts, provides the tools and resources needed for members to improve their bottom line and differentiate themselves from competitors. AAP members not only receive savings on brand prescriptions, generic prescriptions and OTC products through the API warehouse and their negotiated prime vendor agreement, but they also receive negotiated competitive managed-care contracts through the Arete Pharmacy Network. In addition to offering solutions such as API and Arete Pharmacy Network, AAP provides members access to a full-service specialty pharmacy, AllyScripts, that allows pharmacies to retain their patients and compete in the growing specialty segment without the costly investment.
AAP is able to provide its members with the support and customized solutions they need to succeed in the marketplace. For additional information, please visit rxaap.com or call 877-797-9227.
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