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August 18, 2015

CVS Health acquires Omnicare for $12.9bn

US-based CVS Health has completed the acquisition of Omnicare for $12.9bn, which provides pharmacy services to long-term care facilities.

US-based CVS Health has completed the acquisition of Omnicare for $12.9bn, which provides pharmacy services to long-term care facilities.

The deal was first announced by both firms in May this year. As part of the deal, CVS Health paid $98 per Omnicare share in cash, which includes $2.3bn in debt.

Based in Cincinnati, Ohio, Omnicare offers comprehensive pharmaceutical services to patients and providers across the US.

"The acquisition of Omnicare significantly expands our business, providing CVS Health access into a new pharmacy dispensing channel."

The company provides professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other chronic care institutions.

With 13,000 employees, Omnicare has 160 locations in 47 states across the US.

The acquired business is expected to enhance CVS Health’s ability to dispense prescriptions in assisted living and long-term care facilities, providing services to a senior patient population.

CVS Health president Larry Merlo said: "The acquisition of Omnicare significantly expands our business, providing CVS Health access into a new pharmacy dispensing channel.

"It also creates new opportunities for us to extend our high-quality, innovative pharmacy programmes to a broader population of seniors and chronic care patients as they transition across the care continuum."

Through its Specialty Care Group, Omnicare offers specialty pharmacy and key commercialisation services for the bio-pharmaceutical industry.

CVS Health, a pharmacy benefits manager with 70 million plan members, operates 7,800 retail drugstores and 1,000 walk-in medical clinics.

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