Oklahoma News: Pharmacy Change of Ownership

October 1, 2006 10:44 AM Topics: Pharmacies, Pharmacy licenses, and Oklahoma regulations

Published in the October 2006 Oklahoma State Board of Pharmacy Newsletter

OAC 535:25-3-7 requires that the new owner of a pharmacy obtain a new pharmacy license if a pharmacy changes ownership. A change of ownership occurs when:

• the original owner(s) transfers 20% or more of the ownership of the pharmacy to another owner;
• a change of 20% or more of the ownership of the business entity owning the pharmacy occurs (for example, when the corporation owning the pharmacy sells 20% or more of the stock); or
• a change of ownership form occurs (for example, from a sole proprietor ownership to a partnership, limited liability company, or corporation).

Any ownership change not reported as a change of ownership because it involves a transfer of less than 20% of the ownership of the pharmacy must be reported at the next renewal of the pharmacy’s license.
Note: For publicly traded corporations, a routine sale of stock is not a change of ownership.