The "family-owned" Lexon UK also operates the 42-strong community pharmacy chain Norchem Group, trading as Knights Pharmacy, Well Pharmacy and Lexon UK said in a joint statement issued today (April 17).
Well was unable to comment at this stage on whether these pharmacies will rebrand to become Well pharmacies as part of the deal.
Lexon UK has five depots in Redditch, Leeds, Durham, East Kilbride and Dublin, while its pharmacy business operates branches across the midlands and the north west and north east of England.
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Although Lexon UK is "primarily" a wholesaler catering to 3,000 retail pharmacy customers across the UK and Eire, it is also "a specialist developer and manufacturer of generic pharmaceuticals and is a data and solutions provider to pharmacy", the statement said.
The deal also includes the manufacturer Key Pharmaceuticals.
The Competition and Markets Authority (CMA) will be notified of the acquisition, the companies added.
“Both parties have proactively engaged with the CMA in pre-notification discussions and look forward to continuing to do so productively during the CMA review period,” they continued.
"Delighted"
Well Pharmacy CEO Seb Hobbes said the multiple was "delighted" to welcome Lexon and Asurex's 1,200 team members to the company.
“These are incredibly challenging times for community pharmacy, so we’re really pleased to be able to have an opportunity to show our commitment to the sector, now and into the future,” he commented.
The chief financial officer of Well's parent company Bestway Group, Haider Choudrey, said the acquisition would “augment our growth momentum and bring in even greater benefits to both community pharmacies and patients".
He added: "Well Pharmacy had been searching for a target to expand its footprint and complement its growth trajectory and we are confident that Lexon fits this criterion.”
Lexon UK managing director, Anup Sodha, said that staff should "look forward to a bright future, with the added security of being part of a larger group with the investment, opportunities and benefits that will provide".
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Senior executives at Lexon, Pritesh Sonpal, Nitin Sodha and Pankaj Sodha, "have all decided that this is the time for them to step away from the business", he revealed.
He continued: "They have all made a considerable impact on our success as a business and will be missed.”
Meanwhile, Knights Pharmacy commercial director, Anand Sodha, will "remain within the business to ensure the smooth integration of all the Norchem Pharmacies into the Well group", according to the statement.
And Lexon director Nimesh Sodha will "continue to lead Key Pharmaceuticals", it continued.
