Omnicare Announces Acquisition of Continuing Care Rx
Record Date: 6/18/2013
COVINGTON, Ky., Sep 01, 2010--Omnicare, Inc. (NYSE:OCR), a leading provider of pharmaceutical care for the elderly, today announced it has acquired Continuing Care Rx (CCRx), a privately owned institutional pharmacy provider based in Harrisburg, Pennsylvania. Financial terms of the agreement were not disclosed.
CCRx provides comprehensive pharmacy services to residents of long-term care facilities and other chronic settings in Florida, Illinois, Maryland, New Hampshire, New York, North Carolina, Pennsylvania, and Virginia. CCRx's revenues for the 12 months ended June 30, 2010 were $170 million. It currently services long-term-care facilities representing approximately 32,000 licensed beds, as well as correctional facilities representing an additional 11,000 beds.
James D. Shelton, Interim President and CEO of Omnicare, said, "We are excited to welcome Continuing Care Rx to the Omnicare family. CCRx is an experienced, cost-effective provider of pharmaceutical services that has built a strong business over the past several years. We believe this transaction brings together two organizations that are committed to providing the highest level of care for the frail elderly."
Thomas A. Trite, Chief Executive Officer of CCRx, said, "Omnicare is the leading company in our industry, with unparalleled capabilities and resources. As part of the Omnicare network, we believe our customers will benefit from an even greater range of services, while continuing to receive the same high level of service they have come to expect from CCRx."