Omnicare Acquires Fellow Elder-Care Drug Provider

Date : 09/01/2010 @ 9:13AM
Source : Dow Jones News
Stock : (OCR)
Quote : 97.9  0.0 (0.00%) @ 2:05AM

Omnicare Acquires Fellow Elder-Care Drug Provider

Omnicare Inc. (OCR) has acquired closely held institutional pharmacy provider Continuing Care Rx as Omnicare looks to expand its business amid recent performance woes and a management changes.

Financial terms of the deal weren't disclosed.

Harrisburg, Pa.-based Continuing Care, serves more than 40,000 beds at long-term-care facilities in eight states including Florida, Illinois and Maryland. It had revenue about $170 million for the year ended June 30.

The acquisition came after an abrupt departure of Omnicare's former chief executive last month. A few days later, the provider of drugs to nursing homes and assisted-living centers reported a steep decline in its second-quarter profit and revenue decreased on lower selling volumes and fewer beds served.

Continuing Care "is an experienced, cost-effective provider of pharmaceutical services that has built a strong business over the past several years," said James Shelton, Omnicare's interim president and CEO.

Its stock closed at $19.20 Tuesday and didn't trade premarket. Shares have fallen 21% this year.

-By Jodi Xu, Dow Jones Newswires; 212-416-3037; jodi.xu@dowjones.com;

 
 


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