Walgreens buys Duane Reade in RX for growth

You don't have to be a New Yorker to recognize Duane Reade, the city's predominant drug chain. Now, New York's iconic Duane Reade drug stores has fallen into the clutches of a national retailer.

Walgreens is acquiring the 50-year-old chain for $1.1 billion.

Walgreens is the largest national drug chain with nearly 7,200 locations, but has primarily expanded by building its own stores, not buying those under another name. But organic growth is hard to come by in New York where Walgreens has just 70 locations.