Walgreens, Omnicare ink deal to trade long-term care pharmacy, home infusion businesses
COVINGTON, Ky., and DEERFIELD, Ill. Walgreens announced a deal on Friday with Omnicare, a leading provider of pharmaceutical care for the elderly, in which Omnicare will acquire all of the assets of Walgreens' long-term care pharmacy business. In exchange, Walgreens will acquire all of the assets of Omnicare’s home infusion business. The deal is expected to be complete before Nov. 15. Financial terms were not disclosed.
“By divesting our long-term care pharmacy business, we are able to have a stronger focus on our overall growth strategy while taking advantage of a specific opportunity to grow our infusion services,” said Walgreens president and CEO Greg Wasson. “Acquiring Omnicare’s infusion business allows us to expand into currently underserved markets, while also strengthening our position in existing markets. As the nation’s largest provider of home infusion services, we are well-positioned to support the rapidly expanding specialty drug pipeline that requires infusion.”
Walgreens will acquire Omnicare’s six home infusion locations in Maryland, Nevada, Virginia, Pennsylvania and California, one compounding pharmacy location in Nevada and one home care management location in Maryland. Omnicare will acquire all of the assets at Walgreens long-term care pharmacy locations in Colorado, Texas, Florida, Georgia and Maryland.
“We are pleased with this transaction, as it allows us to redeploy our resources towards a growth opportunity that better leverages our core competencies and further expands our presence in the growing senior care market,” said Omnicare’s interim president and CEO James Shelton. “We look forward to welcoming Walgreens long-term care pharmacy customers onto the Omnicare platform. As Omnicare customers, they will have access to an enhanced range of services that supports improving health outcomes for the residents they serve.”