Shares of Omnicare (NYSE:OCR), a leader in pharmaceutical care for the elderly, ticked up about 3.5% Wednesday on news the company bought privately-owned Continuing Care RX for an undisclosed amount.
“We are excited to welcome Continuing Care Rx to the Omnicare family,” said Omnicare CEO James D. Shelton. “We believe this transaction brings together two organizations that are committed to providing the highest level of care for the frail elderly.”
CCRx, a comprehensive pharmacy serving residents of long-term care facilities representing some 32,000 licensed beds, as well as correctional facilities representing an additional 11,000 beds, saw annual revenues for the 12 months ending June 30 of $170 million.
“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,” said CCRx CEO Thomas A. Trite.