Pharmacy cooperative American Associated Pharmacies (AAP) revealed on Monday the launch of a definitive agreement for the acquisition of the remaining 50% interest in the joint venture of Arete Pharmacy Network.

Upon completion of the acquisition on 12 September 2018, Arete Pharmacy Network became a wholly owned subsidiary of American Associated Pharmacies.

Arete Pharmacy Network is a quality-focused national Pharmacy Services Administrative Organization (PSAO), concentrated on the success and profitability of independent and community pharmacies. It was formed in 2016 with a total of 2,250 stores and has since grown to over 2,800 pharmacies, making the fourth largest PSAO in the nation. In December 2016, it expanded its geographical footprint through the acquisition of RxPride to extend the benefits of its programmes and services.

AAP in partnership with its subsidiaries provide the tools and resources needed for members to improve their bottom line and differentiate themselves from competitors. The members not only receive savings on brand prescriptions, generic prescriptions and OTC products through the API warehouse and their negotiated prime vendor agreement, but they receive negotiated competitive managed-care contracts through the Arete Pharmacy Network.