iApotek acquires PharmArt AB for SEK 9M.

iApotek, a Stockholm, Sweden-based online retailer of non-prescription drugs, announced getting into agreement with the owner RinaPharm AB to acquire the pharmacy operations of PharmArt.

The deal includes the "Svea Apotek" brand and is made for 100% of votes and capital at a total initial purchase price of 9 MSEK ($1.1M), which is to be paid in cash 50 per cent and shares 50 per cent in iApotek.

PharmArt was launched in 2013 and is has mainly physical sales in a store located in central Stockholm, with a small part via e-commerce. The company has the full permission from the Medical Products Agency to conduct sales of prescription and prescription drugs, which makes it an interesting deal for iApotek.

PharmArt has a turnover of approximately SEK 10M ($1.2M) with a positive result of about 1M for 2017. 2016 financial results were about the same.