Amazon to acquire online pharmacy PillPack

By Ovunc Kutlu

NEW YORK (AA) - Amazon announced Thursday that it will acquire online pharmacy PillPack, which delivers medicine for people who take multiple daily prescriptions.

"PillPack delivers medications in pre-sorted dose packaging, coordinates refills and renewals, and makes sure shipments are sent on time," Amazon said in a statement.

Amazon is known for its huge delivery network across the U.S. and it has been expected for sometime to include pharmacy business in its expanding portfolio.

Founder and CEO Jeff Bezos has been in talks with JPMorgan Chase and Warren Buffett's Berkshire Hathaway since January to jointly launch a health care company for their employees in the U.S.

Amazon did not provide any specific amount for the acquisition of PillPack, but said it expects the transaction to close during the second half of this year.

“PillPack is meaningfully improving its customers’ lives, and we want to help them continue making it easy for people to save time, simplify their lives, and feel healthier," Jeff Wilke, Amazon CEO Worldwide Consumer, said in the statement.

After the announcement, Amazon shares were up 0.8 percent at 10:05 EST (1405GMT), while drug store heavyweights saw decline in their stock value.

Shares of CVS, the nation’s largest drug store chain, were down nearly 10 percent. Walgreens Boots Alliance and Rite Aid shares declined about the same.