Drug store chain Walgreens has signed a definitive agreement to acquire drugstore.com Inc. for $409 million, gaining access to more than 3 million online customers and adding about 60,000 new products along with new vendor partners to Walgreens' online product portfolio.

The companies expect the acquisition to close by July. The purchase price is less than drugstore.com's 2010 revenue of $456 million, but Walgreen's price of $3.80 per share is a 102 percent premium over the average closing price during the past 30 days.

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