September 07, 2010

Omnicare swaps for Walgreens' long-term care division

Omnicare swaps for Walgreens' long-term care division
Omnicare swaps for Walgreens' long-term care division
Omnicare Inc., the largest long-term care pharmacy provider in the United States, has announced plans to get even bigger. The pharmaceutical giant said Friday it would acquire the long-term care branch of Walgreens Co., its second addition of the week.

Walgreens was not in a position to grow its long-term care pharmacy division, according to Walgreens CEO Greg Wasson, so the company agreed to a swap. Omnicare will take over Walgreens' long-term care pharmacy locations in Colorado, Texas, Florida, Georgia and Maryland, while also agreeing to give to Walgreens eight home-care related businesses in five states. Full terms of the swap, which is expected to close by Nov. 15, were not made public as of press time.

In addition to its Walgreens acquisition, Omnicare announced last Wednesday that it had agreed to purchase pharmaceutical vendor Continuing Care Rx. The acquired company serves long-term care and correctional facilities with 43,000 beds in eight states. Continuing Care Rx has annual revenues of around $170 million, according to reports.

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