Amazon acquires PillPack, an online pharmacy that delivers medicine to your door


Amazon has been disrupting businesses from electronics to household staples and even package delivery.

The pact follows months of speculation about Amazon's plans to get into the pharmacy or drug-distribution business.

The firm says it is 'designed to provide the best possible customer experience in the US for people who take multiple daily prescriptions'. Terms of the deal were not disclosed, but Amazon referred to the deal as a "definitive merger agreement".

When the company reported quarterly earnings at 7 a.m. ET, investors apparently liked what they saw, and the stock rallied as much as 1.5%.

28-year-old socialist upsets 10-term Congressman in NY Democratic primary
Because if Joe Crowley isn't safe when confronted by the right challenger and right message , then nobody is. She had never been elected to public office before, and only a few months ago was a total unknown.

After Thursday's losses, Walgreens is trading 18% lower for the year.

The news sent the shares of drugstore giants CVS Health (cvs), Walgreens Boots Alliance (wba), and Rite Aid (rad) plunging between 8% and 10%.

Last week, Amazon, JPMorgan Chase and Berkshire Hathaway announced Boston doctor Atul Gawande as the chief executive of the companies' new health care venture, which will be based in Boston. Other same-store sales slid 5.2%. It has also developed pharmacy software that helps coordinate refills, makes sure the shipments are on time, and provides an online dashboard for patients.

Amazon's purchase of an online chemist that opens an immediate nationwide drug network in the USA has shaved billions off the value of three major pharmacy chains. The deal is expected to close later this year.

Of Windows And Kings: The Case For Boston To Sign LeBron James
However, ESPN's Ramona Shelburne previously reported the Lakers felt rebuffed after their initial conversation with the Spurs. As of now, the Cavaliers have their backs against the wall when it comes to LeBron James .

Echoing that sentiment, Morningstar senior analyst Vishnu Lekraj called the stock's tumble after the Amazon news a "huge overreaction", in an interview after the call.

"At this juncture we are not anxious about Amazon's entrance into the prescription market", Cantor Fitzgerald analyst Steven Halper said in a note. "Pharmacy networks are controlled by managed care companies and pharmacy benefit managers with captive mail order capabilities".

Terms were not disclosed on the deal for PillPack, an online pharmacy which operates in all 50 USA states and offers pre-sorted dose packaging and home delivery.

Ahead of 2+2 dialogue, Trump says India charges 100% tariff
Rising trade tensions and retaliatory tariffs could pose serious risks for Harley-Davidson, rating agency Moody's said on Tuesday. Add Donald Trump as an interest to stay up to date on the latest Donald Trump news, video, and analysis from ABC News.