BOULDER — A Brooklyn, New York-based digital pharmacy has signed a definitive agreement to acquire Boulder-based Pharmaca Integrative Pharmacy Inc.
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Medly Pharmacy Inc. will acquire Pharmaca in a transaction that is expected to close in the third quarter of 2021. Terms of the deal were not disclosed.
Pharmaca operates 28 stores, offering wellness products such as vitamins and supplements, as well as over-the-counter medications, prescription medications and health services.
With the acquisition, Medly will expand to almost 30 markets and provide customers with same-day free delivery on health and wellness products including over-the-counter medicines, vitamins and supplements, and natural beauty products, in addition to prescription medications, the company said.
“With this unprecedented expansion, Medly is moving into the $1.5 trillion health and wellness industry and stands apart from competitors by positioning itself as the first digital pharmacy to enter the broader health and wellness space on a national scale,” the company said in a press release.
Medly described itself as the nation’s fastest-growing digital pharmacy. The company was founded in 2017, providing free same-day prescription delivery.
“Health is more than prescription drugs; it encompasses the whole realm of health-care products and services to provide holistic care. With Medly’s national digital presence, more people than ever before will have convenient access to the best in medicine and will be able to get these products delivered to their door at no cost” Richard Willis, CEO of Pharmaca, said in a prepared statement.
Marg Patel, Medly’s CEO and cofounder, said the addition of Pharmaca will provide Medly with additional knowledge of the wellness space.
“We’re thrilled to welcome Pharmaca into the Medly family,” Patel said in a prepared statement. “We are excited to merge Medly’s deep knowledge of the pharmacy space with Pharmaca’s extraordinary wellness offerings, providing customers with a 360-degree pharmacy experience. This transformative offering will ensure customers can get the full range of their health-care needs delivered directly to their door. In addition, we look forward to expanding Medly’s presence in the west to become the first digital pharmacy to have truly national reach.”
PJ Solomon, an independent investment bank and financial-services company based in New York, served as strategic and financial adviser to Pharmaca Integrative in the sale.
The transaction was led by Syed Husain, managing director of the Pharmacy and Healthcare practices, with support from Flore Gimello, Jeff Feigenbaum, Yanfei Gao and Oliver Blecher.
Medly offers free, same-day prescription delivery to customers in New York City; New Jersey; Philadelphia; Miami; Baltimore; Raleigh, North Carolina; Atlanta; and Fort Worth and San Antonio, Texas.
The company raised $100 million in Series B funding in July 2020.
Pharmaca was founded in June 2000 in Boulder as the nation’s first integrative pharmacy chain offering traditional pharmacy services alongside natural and complementary health solutions, including natural health and beauty products.
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