Eagle Pharmaceuticals, the parent company of Eagle Pharmaceutical, the world’s largest pharmaceutical company, has agreed to buy another Philadelphia pharmacy chain, Philadelphia Pharmacy, for $3.5 million, according to a regulatory filing.
The deal, which will be completed by the end of the year, is valued at $3 billion.
Eagle will take over the Philadelphia Pharmacies, which is owned by a company that is part of the company that owns Eagle’s retail stores, from Anthem.
The new deal comes after Eagle had struggled for years to establish itself as a pharmacy chain.
In 2014, Eagle’s shares were trading around $3 a share.
In 2017, Eagle lost market value to rival generics and its drug pricing practices caused a backlash.
But after a yearlong period of growth, the company returned to its former glory.
The stock has rebounded, hitting $5.15 in late August.