CVS Caremark buys Brazilian drugstore chain Drogaria Onofre

CVS Caremark Corp, yesterday revealed that it had last week made it first overseas acquisition by buying Drogaria Onofre, Brazil's 8th-largest drugstore chain.

CVS, based in Rhode Island, did not disclose the financial terms of the deal, but local media had in December reported that CVS could buy an 80-per cent stake in Onofre for around $400 million.

The move comes seven months after its larger local rival Walgreen Co also made its first international acquistion by buying a 45 per cent stake in European pharmacy retailer Alliance Boots for $6.7 billion. (See: Walgreen to acquire 45% in Alliance Boots for $6.7 billion)

Founded in 1934 and based in Sao Paulo, Drogaria Onofre operates 44 stores. It also distributes and markets healthcare and personal care products.

The company offers pharmaceutical products, nutritional supplements, diagnosis equipment, sunscreen lotions, skincare gels and creams, deodorants, and hair care products. It also provides hygiene products, condoms, dietary products, cosmetics, and perfumes.

With a market cap of $64 billion and net income of $3.5 billion in 2011 on revenues of $107 billion, CVS is the largest provider of prescription drugs in the US

CVS offers products across the entire spectrum of pharmacy care and is a market leader in mail order pharmacy, retail pharmacy, specialty pharmacy and retail clinics.

It is also a leading provider of Medicare Part D Prescription Drug Plans. As one of the country's largest PBMs, it has a network of more than 64,000 pharmacies across 41 states.