CVS Corp., the largest retail provider of prescriptions, said it is jump-starting its Internet business by purchasing pharmacy site Soma.com for a transaction value of $30 million. The sale is expected to be completed in June.
Soma.com (http://www.soma.com) will operate as a subsidiary of Woonsocket, RI-based CVS, and will continue to be based in Seattle. Soma.com has been competing with other privately held online pharmacies such as PlanetRX Inc. (http://www.planetrx.com), RX.com (http://www. rx.com) and Drugstore.com (http://www.drugstore.com). In February, Amazon.com bought a 46% stake in Drugstore.com.
Soma.com currently stocks a full range of prescription products and about 3,000 front-store items. CVS said it will expand the offering in the areas of over-the-counter medications, vitamins and health and beauty aids, and will include CVS private label products and photofinishing services.
CVS said it also plans to market products and services to consumers on a more targeted and relationship-oriented basis.
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