Walgreen Co. and Kerr Drug announced today that they have signed a definitive acquisition agreement. Under the agreement, Walgreens would purchase certain assets of Kerr Drug's retail drugstores and specialty pharmacy business. The financial terms of the agreement were not disclosed.

Kerr Drug is a privately held regional pharmacy chain operating in North Carolina. Last year, the company's total recorded sales reached USD381 million.

The acquisition of Walgreens had advanced its strategy to deliver the "Well Experience" to its clients. Walgreens would also have strengthened presence in the fast growing market of North Carolina. The innovation and excellence in pharmacy service would also align with Walgreens strategy to transform the role of community pharmacy in the healthcare segment.

Walgreens President and CEO Greg Wasson said, "The Kerr Drug retail drugstores and specialty pharmacy business are an exceptional addition to the Walgreens family of companies. 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."