Healthcare services provider McKesson Corporation (NYSE:MCK) confirmed on Tuesday that it has completed the divestiture of its Canadian pharmacy chain Rexall and online retailer Well.ca to Birch Hill Equity Partners.

This transaction allows McKesson to focus on oncology and biopharma services, while maintaining its Canadian distribution and biopharma businesses.

McKesson Canada will remain a wholesale distribution supplier to Rexall and Well.ca.

Birch Hill, a mid-market private equity firm, plans to invest in Rexall and Well.ca to expand their reach and address critical healthcare needs in Canada.