McKesson completes Celesio acquisition
SAN FRANCISCO — McKesson on Tuesday announced that the Stuttgart Higher Regional Court approved the registration of the domination and profit and loss transfer agreement between Celesio and McKesson Deutschland.
The registration of the domination profit and loss transfer agreement marks a key milestone in the acquisition of Celesio, first announced on Oct. 24, 2013, allowing McKesson and Celesio to operate as an integrated company.
“Today’s announcement is an important milestone and clears the path for our companies to operate in an integrated way, creating a global leader in pharmaceutical purchasing and distribution," said John Hammergren, McKesson chairman and CEO. "With the registration of the domination and profit and loss transfer agreement, we will bring together the strengths and expertise of our collective organizations to address the opportunities and needs facing our customers and business partners around the world,” he said. “As the needs of the healthcare industry continue to evolve, broader global reach, channel influence, and greater purchasing scale are increasingly important. With complementary geographic footprints, shared values, and industry expertise across multiple markets, we will now serve our customers as one of the largest pharmaceutical wholesalers and providers of logistics and healthcare services in the world."
The operations of Celesio will be part of McKesson’s Distribution Solutions segment, led by Paul Julian, EVP and group president, McKesson Corporation. The operations of Celesio will continue to be led by its management board with Marc Owen as its chairman, overseen by the Celesio Supervisory Board. Upon registration of the domination and profit and loss transfer agreement, a newly formed Global Procurement team will lead the combined McKesson and Celesio strategy with its manufacturing partners across the globe.
“The corporate cultures of both McKesson and Celesio are based on integrity, accountability, respect, and excellence, with a commitment to always putting customers first,” Owen stated. “Completing this important milestone enables us to align our organizations more closely in our common goal of creating additional value for our customers and manufacturing partners. And our employees will benefit from being part of an even stronger international company with tremendous leadership and growth opportunities.”
The combined group is expected to have annual revenues in excess of $170 billion, approximately 85,000 employees worldwide and operations in more than 20 countries.
McKesson and Celesio serve approximately 120,000 pharmacy and hospital locations on a daily basis in the United States, Canada, Europe and Brazil, including more than 12,000 pharmacies that are either owned or are part of a strategic banner or franchise network of community pharmacies.