A Toronto pharmacy that was once a darling of the health care industry has been struggling to find a buyer.
The Ontario Teachers’ Pension Plan announced Monday that it would buy the pharmacy from CVS Health Inc. for $1.2-billion.
The company had been the most popular pharmacy in Ontario since its launch in 2014.
The pharmacy was so popular that CVS said it had more than 2,500 pharmacies and nearly 1,400 pharmacists.
Ontario Premier Kathleen Wynne said Monday the province is grateful to CVS for helping to make the pharmacy so popular.
The pharmacy is still a bit of a nose-diving, and there are other factors at play, she said.
It has to do with the way the business model is, where they are doing it.
“I’m not going to comment on any specific buyer,” Wynne said in an interview.
“We’re very thankful to them for their support.
The decision to acquire is a big one for us.
It’s not a quick one.
It takes time to build a strong, competitive business model.”
The Ontario pension plan is also moving forward with a $5-billion purchase of a second pharmacy in Toronto, a move that will bring its total pharmacy presence to more than 6,500.
CVS has said it is looking for a buyer for the other three Toronto locations.