McKesson Awaiting FTC’s Stand on Merger

McKesson Corp. said it expects to know later this month or early next month where the Federal Trade Commission stands on its proposed purchase of rival drug wholesaler AmeriSource Health Corp. of Valley Forge, Pa. Shareholders of both companies approved the purchase, valued now at about $2.4 billion in stock and assumed debt, at meetings on Monday. San Francisco-based McKesson, which also provides other health-care products and services, hopes to complete the purchase by the end of March, assuming FTC approval. Opponents have said the proposed purchase and the pending acquisition of drug wholesaler Bergen Brunswig Corp. by Cardinal Health Inc. would give the companies enough market share to thwart competition and raise prices for drug purchasers. Lawyers for the companies have argued that competition from other distribution channels will keep wholesalers from raising prices. McKesson closed up 75 cents at $54.31, and AmeriSource shares rose 88 cents to $59. Both trade on the NYSE.