McKesson Europe
McKesson Europe was a Germany-based pharmaceutical wholesaling, pharmacy retail, logistics and healthcare-services group, formerly known as Celesio and Gehe.
Last updated August 31, 2026
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Overview
McKesson Europe AG was the European pharmaceutical distribution and pharmacy-services business formerly known as Celesio AG and, before that, Gehe AG. Headquartered in Stuttgart, Germany, the group supplied medicines and healthcare products to pharmacies and hospitals while also operating consumer-facing pharmacies, mail-order activities, home-care services and technology or cooperation platforms for pharmacists. Its historical roots reach back to Gehe & Co., established in Dresden in 1835 by chemist and trader Franz Ludwig Gehe. The original business dealt in pharmaceutical, chemical and paint products and gradually developed a nationwide German distribution network. The company's postwar development was shaped by the division of Germany. The Dresden parent company and many branches were expropriated after the Second World War, while the West German business rebuilt from locations including Stuttgart, Kassel and Sulzbach-Rosenberg. Haniel became the majority shareholder in 1973 and supported a further expansion of the wholesale platform. During the following decades, Gehe acquired or integrated additional pharmaceutical wholesalers and expanded its branch network. The group also diversified beyond pharmaceuticals, including through the acquisition of Kaiser + Kraft and the later separation of its mail-order division through the public offering of TAKKT in 1999. In 2003, Gehe AG changed its name to Celesio AG. The German pharmaceutical wholesaler continued to operate under the Gehe name, but the Celesio corporate identity was used for the wider international group. Celesio expanded into pharmacy retail and consumer healthcare. Its 2007 acquisition of a majority stake in DocMorris was intended to support a branded pharmacy model in Germany, although the strategy encountered opposition from independent pharmacists and legal uncertainty surrounding pharmacy ownership rules. DocMorris was ultimately sold to Zur Rose AG in 2012. Celesio also expanded outside Europe, including through its Brazilian businesses Panpharma and Oncoprod, later selling those operations. McKesson Corporation agreed to acquire Celesio in 2013. The first offer did not reach the required acceptance threshold, but a subsequent transaction involving Haniel's stake enabled McKesson to complete the takeover in 2014. Celesio was renamed McKesson Europe in September 2017, aligning the European operation with its US parent. At the end of the 2019 financial year, the group reported approximately 37,000 employees, operations in 13 European countries according to the supplied reference, revenue of EUR 21.18 billion, and a distribution network exceeding 134 branches. Its wholesale activities supplied tens of thousands of pharmacies and hospitals, while its consumer division included approximately 1,900 retail pharmacies in five countries and thousands of partner pharmacies. The business was organized principally into Pharmacy Solutions and Consumer Solutions. Pharmacy Solutions combined pharmaceutical wholesale, supplier and manufacturer services, pharmacy cooperation programs and information-technology platforms. Consumer Solutions covered retail pharmacies, mail-order pharmacy, home care and services directed at patients and consumers. In December 2019, McKesson announced plans to contribute its German wholesale business, GEHE Pharma Handel GmbH, to a proposed joint venture with Alliance Healthcare Deutschland AG, with Walgreens Boots Alliance intended to hold the majority stake. The supplied material does not establish the subsequent legal status or final outcome of that arrangement, so the current status of McKesson Europe AG is left unresolved here.
History
McKesson Europe's history began with Gehe & Co., founded by chemist Franz Ludwig Gehe in Dresden on 1 May 1835. The business initially traded in chemicals, paints and pharmaceutical products. It became a stock corporation in 1903 and was listed in Dresden in 1904. During the early twentieth century it expanded its German distribution footprint, including the opening of a Stuttgart branch in 1922. The Second World War and its aftermath divided the company's history. The Dresden parent and many branches were expropriated in the Soviet occupation zone. The eastern operation continued under state ownership and eventually became part of VEB Arzneimittelwerk Dresden. The western business restarted with branches in Stuttgart, Kassel and Sulzbach-Rosenberg. Haniel acquired a majority of Gehe & Co. AG in 1973 while retaining the existing management and supporting a broader consolidation of pharmaceutical wholesalers. Additional businesses were integrated during the 1970s and 1980s, including RUWA Rudloff & Watermann in 1982. Gehe also diversified beyond pharmaceutical distribution. Its acquisition of the Kaiser + Kraft Group in 1985 created a substantial mail-order activity covering transport, storage, workplace and office equipment. The mail-order division later developed across multiple European countries and the United States, before its separation was completed through the public offering of TAKKT in 1999. In 2003, Gehe AG changed its name to Celesio AG. The German wholesale subsidiary retained the GEHE name, while the parent pursued a broader international healthcare strategy. Celesio's 2007 acquisition of 90% of DocMorris represented an attempt to combine pharmaceutical distribution with a branded pharmacy and mail-order model. Regulatory rules on pharmacy ownership shaped the business strategy, and the relationship with independent pharmacists became contentious because wholesalers were also supporting a pharmacy chain concept. DocMorris was sold to Zur Rose AG in October 2012. Celesio expanded into Brazil by acquiring a majority of Panpharma in 2009 and completing the purchase in 2012. The Brazilian assets, consisting of Panpharma and Oncoprod, were sold in 2016. The company also divested Rudolf Spiegel GmbH in 2013. McKesson Corporation's 2013 offer for Celesio began a contested takeover process. The first offer did not achieve the required 75% shareholding threshold. Elliott acquired a substantial Celesio position during the process, while Haniel subsequently transferred its stake to McKesson. This enabled McKesson to complete the acquisition in January 2014. Celesio remained the European operating platform and was renamed McKesson Europe on 12 September 2017. By the 2019 financial year, McKesson Europe had become a major European pharmaceutical wholesaler and pharmacy operator. It employed about 37,000 people, operated in 13 countries and generated reported turnover of EUR 21.18 billion. More than 134 distribution branches served pharmacies and hospitals. Pharmacy Solutions covered wholesale, pharmacist cooperation programs, information technology and services to manufacturers. Consumer Solutions included retail pharmacies, mail-order and home-care activities. In December 2019, McKesson announced a proposed joint venture for its German wholesale business with Alliance Healthcare Deutschland, a Walgreens Boots Alliance subsidiary. The supplied material does not establish the final outcome of that proposal or the present legal status of McKesson Europe as a standalone entity.
- 2019
German wholesale joint venture is proposed
[1]McKesson announces plans for a joint venture involving GEHE Pharma Handel and Alliance Healthcare Deutschland.
- 2017
Celesio is renamed McKesson Europe
[1]The European business adopts the McKesson Europe name.
- 2014
McKesson completes the Celesio acquisition
[1]Following a failed initial offer, McKesson obtains sufficient ownership to complete its takeover of Celesio.
- 2012
DocMorris is sold to Zur Rose
[1]Celesio divests DocMorris after operating the business through a franchise-like pharmacy model.
- 2007
Majority acquisition of DocMorris
[1]Celesio acquires 90% of mail-order pharmacy DocMorris.
- 2003
Gehe AG becomes Celesio AG
[1]Shareholders approve the corporate name change, while the German wholesale subsidiary continues using the GEHE name.
- 1999
TAKKT public offering separates the mail-order division
[1]The public offering of TAKKT completes the separation of the group's mail-order business.
- 1982
RUWA is integrated
[1]Pharmaceutical wholesaler RUWA Rudloff & Watermann is acquired and integrated into Gehe.
- 1973
Haniel becomes majority shareholder
[1]Franz Haniel & Cie. acquires a majority stake and supports the expansion of the pharmaceutical wholesaling network.
- 1922
First Stuttgart branch opens
[1]The company establishes a Stuttgart branch, later the location of its corporate headquarters.
Products and positioning
A pan-European healthcare distribution and pharmacy-services group connecting pharmaceutical manufacturers with pharmacies, hospitals, healthcare professionals and consumers. Its model combined wholesale scale and logistics with retail pharmacy, home care, pharmacy technology and pharmacist-support services.
Healthcare distribution
Pharmaceutical wholesale
The core business distributed prescription medicines, healthcare products and related pharmaceutical goods from manufacturers to pharmacies and hospitals. The Pharmacy Solutions division operated wholesale branches across European markets and supplemented physical distribution with services for pharmacists, suppliers and pharmaceutical manufacturers.
Pharmaceutical wholesale
GEHE Pharma Handel
GEHE Pharma Handel was McKesson Europe's German pharmaceutical wholesaling subsidiary and retained the historical GEHE name after the parent became Celesio and later McKesson Europe. It supplied pharmacies and formed the German wholesale business considered for a proposed joint venture with Alliance Healthcare Deutschland.
Pharmacy retail
Retail pharmacies
Consumer Solutions included a large network of company-operated retail pharmacies, particularly in the United Kingdom, Ireland, Belgium, Sweden and Italy. The retail estate gave the group a direct consumer channel alongside its wholesale relationships with independent pharmacies and hospitals.
Pharmacy retail brand
LloydsPharmacy
LloydsPharmacy was a retail pharmacy business associated with McKesson Europe and its predecessor Celesio. It operated in the United Kingdom and was part of the group's consumer-facing pharmacy activities.
Mail-order pharmacy · 2007
DocMorris
DocMorris was a mail-order pharmacy in which Celesio acquired a 90% interest in 2007. Celesio developed it as a branded and franchise-like pharmacy concept, but sold the business to Zur Rose AG in 2012.
Pharmacy services
Pharmacy cooperation and partner networks
McKesson Europe supported independent pharmacists through cooperation programs, branded partner formats, health and wellness services, and information-technology platforms. These offerings were designed to add commercial and operational services without making every participating pharmacy a company-owned outlet.
Brand decisions
2019
Plan a German wholesale joint ventureM&ABackground
McKesson reviewed the structure of its German pharmaceutical distribution activities and announced a combination involving GEHE Pharma Handel and Alliance Healthcare Deutschland.
Action taken
The proposed joint venture was to be owned 70% by Walgreens Boots Alliance and 30% by McKesson.
Aftermath
The supplied reference does not establish whether the proposed transaction was completed or how it affected the later status of McKesson Europe.
2017
Adopt the McKesson Europe nameStrategyBackground
Following McKesson Corporation's acquisition of Celesio, the European operation was increasingly integrated into the parent company's international identity.
Action taken
Celesio AG was renamed McKesson Europe.
Aftermath
The McKesson name became the principal corporate identity for the European healthcare distribution and pharmacy group.
2013
Pursue the acquisition of CelesioM&ABackground
McKesson Corporation sought to combine its North American healthcare distribution platform with Celesio's European wholesale and pharmacy operations.
Action taken
McKesson announced an offer for Celesio valued at approximately EUR 6.1 billion, but the initial offer did not reach the 75% acceptance threshold.
Aftermath
After changes in share ownership involving Elliott and Haniel, McKesson obtained sufficient control and completed the acquisition in 2014.
Proposed transaction value. EUR 6.1 billion (Announced 24 October 2013)
2007
Acquire a majority stake in DocMorrisM&ABackground
Celesio sought to build a pharmacy-chain and mail-order presence in Germany while the country's pharmacy ownership rules constrained third-party ownership.
Action taken
The company acquired 90% of DocMorris and operated the concept in a franchise-like structure under which participating pharmacists could use the brand for a fee.
Aftermath
The ownership model became part of a wider regulatory and commercial debate, and DocMorris was sold to Zur Rose AG in 2012.
Recent events
- 2019
McKesson proposes German pharmaceutical wholesale joint venture[1]
M&A
McKesson announced plans to place GEHE Pharma Handel into a proposed joint venture with Alliance Healthcare Deutschland, with Walgreens Boots Alliance expected to hold 70% and McKesson 30%.
- 2019
McKesson proposes German wholesale joint venture with Walgreens Boots Alliance[1]
M&A
McKesson announced plans to place GEHE Pharma Handel GmbH into a proposed joint venture with Alliance Healthcare Deutschland AG, with Walgreens Boots Alliance expected to hold 70 percent and McKesson 30 percent.
- 2017
Celesio changes its name to McKesson Europe[1]
Leadership change · Other
Celesio adopted the McKesson Europe name as part of its closer identification with its US parent.
- 2017
Celesio is renamed McKesson Europe[1]
Leadership change · Other
The company adopted the McKesson Europe name, bringing its corporate identity into closer alignment with its US parent.
- 2014
Initial McKesson takeover attempt fails to reach acceptance threshold[1]
M&A
The first acquisition attempt was reported unsuccessful after the required 75% acceptance threshold was not reached.
- 2014
McKesson completes acquisition of Celesio after stake transfer[1]
M&A
A transfer of Haniel's stake to McKesson enabled the acquisition to proceed after the initial offer had failed.
- 2014
McKesson completes the acquisition of Celesio after a revised share transaction[1]
M&A
After Haniel acquired Elliott's position and tendered a controlling stake, McKesson was able to complete the acquisition of Celesio.
- 2013
McKesson announces agreement to acquire Celesio[1]
M&A
McKesson Corporation announced an agreement to acquire Celesio in a transaction valued at approximately EUR 6.1 billion.
- 2012
Celesio sells DocMorris to Zur Rose[1]
M&A
Celesio divested DocMorris after operating the concept through a franchise-like model for participating pharmacists.
- 2007
Celesio announces acquisition of a majority stake in DocMorris[1]
M&A
Celesio acquired 90 percent of the mail-order pharmacy DocMorris as part of an effort to build a branded pharmacy platform in Germany.
Sources1 sources
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