Kelowna-based Paragon Pharmacies Ltd. (TSX-V:PGN) plans to acquire Manitoba's Duncan Pharmacy Inc. in a cash deal with $3.4 million.
The deal, expected to close November 1, will expand Paragon's presence in The Pas in central Manitoba. Paragon acquired its first Manitoba pharmacy, Nordic Pharmacy Inc., in The Pas in March.
Paragon employs over 400 staff and operates 18 pharmacies and two home health -care stores in B.C., Alberta and Manitoba.
The deal is still subject to due diligence, financing and regulatory approvals.
Paragon's share price has stayed at $0.78 for the past week on low trading; 52-week high: $1; 52-week low: $0.71.