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Walgreens acquiring Raleigh-based Kerr Drug

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RALEIGH, N.C. -

Walgreens is buying 76 Raleigh-based Kerr Drug stores and its specialty pharmacy business in North Carolina.

Terms of the acquisition agreement were not disclosed.

On Tuesday, loyal Kerr Drug customers told us it was like losing a member of their family.

"Kerr Drugs have been with us for years, you know," John Sellars of Raleigh said.  "It's kind of like family, you know, but we like change.  You know, change is sometimes a good thing."

In 2012, Kerr Drug's retail drugstores and specialty pharmacy business recorded total sales of $381 million.

"The Kerr Drug retail drugstores and specialty pharmacy business are an exceptional addition to the Walgreens family of companies," said Walgreens President and CEO Greg Wasson in a written release. "We are closely aligned on the important task of expanding the health care role that community pharmacists can have with their patients, and we share the common goal of stepping out of the traditional drugstore format to create a new experience for our customers."

The acquisition is structured as an asset transaction and includes the 76 retail drugstores, specialty pharmacy business and a distribution center.

"Kerr Drug's strategy and core principles have always been focused on its unique ability to provide patients access to the most comprehensive and convenient health and wellness offering in the industry," said Kerr Drug Chairman, President and CEO Anthony Civello in a written release. "Walgreens is the perfect partner to continue this journey as a patient-oriented company dedicated to expanding the role of the pharmacist as an integral part of health care."

Until the acquisition closes, Kerr Drug and Walgreens will continue to operate separately.

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