United News International (UNI)- Walgreens, CVS and Rite Aid stocks plummeted following the news that Amazon acquired the online pharmacy PillPack for roughly $1 billion June 28.
The company will pay for the online pharmacy in cash after talks that Walmart would be purchasing it.
After the news broke, the three pharmacy companies lost over $11 billion in market value.
However, Walgreens CEO Stefano Pessina has said the company is not particularly worried about it.
According to a statement from CVS Health, CVS already offers many of the capabilities that PillPack has, and it has many more years of experience.
PillPack is an online pharmacy that allows users to purchase medications in pre-packaged doses.
TechCrunch reports the company has a license to operate in all 50 states in the U.S. but it is not yet operational in international markets.