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Soma.com Goes to CVS for $30m.

Nationwide drugstore chain CVS Corp said Monday that it had agreed to acquire Soma.com Inc as part of its growing internet push. CVS will pay $30m for the company which began live operations in January and competes with the likes of Drugstore.com Inc and Planet RX Inc. Although it had already begun work on its own web site, CVS made the acquisition to give it an immediate online presence.

Soma.com claims to stock a full range of prescription products as well as roughly 3,000 other items. CVS says it plans to significantly expand the product line in the areas of over-the- counter medications, vitamins, and health and beauty aids and will also include CVS-branded products and photo services. It will also offer personalized services, including individualized health pages and health management programs and will work with both Soma and Microsoft Corp in creating the expanded site.

Soma.com will maintain its Seattle headquarters and will operate as a subsidiary of CVS, reporting to Larry Zigerelli, executive VP of corporate development. The transaction is expected to be completed in June, subject to normal closing conditions.
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Publication:Computergram International
Geographic Code:1USA
Date:May 18, 1999
Words:188
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