Damage to the top OPEC producer's oil facilities ignited fears of supply disruption around the world and has sent crude prices soaring.Energyread more
Retailers could be in for a jolly jump in holiday sales despite headwinds like the U.S.-China trade war and threat of another economic slowdown.Retailread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
Apple isn't trying to blow our minds with groundbreaking new features on the iPhone 11, but is making lots of little improvements each year, this year focusing on cameras and...Technologyread more
The move is the latest sign of the blurring boundaries between big tech and big finance amid challenges for both industries.Financeread more
Pizza Hut is also talking with Kellogg and other suppliers about the plant-based meat trend.Restaurantsread more
Saudi Arabia's defense spending is the world's third-largest — behind the U.S. and China, says Gary Grappo, former U.S. ambassador to Oman.Energyread more
J.P. Morgan's chief quant says oil prices would start to hurt stock prices when they hit the $80 to $85 range.Market Insiderread more
Chinese officials are expected to be in Washington this week to hold consultations with the U.S. ahead of high-level trade talks in October.World Economyread more
The ballot comes at a precarious time for the country's longest serving prime minister, with the right-wing incumbent facing formidable challenges.World Politicsread more
New court filings reveal that Elon Musk's family office spent tens of thousands on a private investigator to dig up details about Thai cave rescue hero Vernon Unsworth, after...Technologyread more
Walmart was poised to buy online pharmacy start-up PillPack before Amazon swooped in with a higher offer.
Sources say that PillPack and Walmart were in talks for months about an acquisition for less than $1 billion, but Walmart was dragging its feet on making a final offer. When CNBC reported the deal in early April, Amazon, which had previously been pitched to a lukewarm reception, moved to step up with an offer for around $1 billion in cash, says a source familiar with the discussions.
Two people say PillPack was also fundraising earlier in the year to help it move into the next phase of growth, while kicking off its search for a buyer. From the beginning, PillPack was clear to potential buyers that it would continue operating its business that delivers to tens of thousands of customers with complex medical conditions.
PillPack declined to comment.
What Amazon stands to gain from the deal is pharmaceutical licenses in 49 U.S. states, excluding Hawaii. PillPack, which neatly packages and delivers medicines across the country, also has a mail-order contract with Express Scripts, which manages prescription drug benefits on behalf of insurers and is the largest U.S. pharmacy benefits manager.
That agreement expires at the end of July, said Express Scripts spokesman Brian Henry, and would need to be renegotiated.
The deal for PillPack is a potential threat to drug stores and retailers ranging from CVS to Walmart. Walgreens executives told analysts on Thursday that the company is "not particularly worried" about this move.
Amazon for months has been gearing up for a move into the pharmacy space, through conversations with drug supply chain experts and key hires. But the move to buy PillPack puts Amazon more concretely into the space, in addition to its partnership to disrupt health care with J.P. Morgan and Berkshire Hathaway. That group's CEO, Atul Gawande, has already made clear that the venture will take aim at health-care "middlemen" with a focus on innovative new technology.