Drugstore company Pharmacy Chain 36.6 is to merge with rival chain A.V.E. and issue additional shares, in a step to consolidate a fragmented sector, the company said in a statement on Thursday.
Pharmacy Chain 36.6, with a market value of $68 million, said its major shareholders, Artyom Bektemirov and Sergei Krivosheev, reached a deal with the owners of A.V.E. to merge their businesses.
36.6 will issue additional shares priced at 22.40 rubles ($0.67) a share for the purpose of the deal.