Arab Today, arab today us drugstore chain cvs to buy omnicare for 127bn
Last Updated : GMT 03:57:12
Arab Today, arab today
Arab Today, arab today

US drugstore chain CVS to buy Omnicare for $12.7bn

Arab Today, arab today

Arab Today, arab today US drugstore chain CVS to buy Omnicare for $12.7bn

CVS Health Cor
New York - AFP

CVS Health Corp, the US pharmacy benefits giant and drugstore chain, said Thursday it was buying Omnicare for $12.7 billion to expand its services to seniors.

"With the acquisition of Omnicare, CVS Health will significantly expand its ability to dispense prescriptions in assisted-living and long-term care facilities, serving the senior patient population," CVS said in a statement.  

CVS also said the deal would strengthen its presence in the rapidly growing speciality pharmacy business.

CVS said that the boards of the two companies had agreed the deal and the acquisition was expected to close near the end of the year.

Under the agreement, CVS will pay $98 per share in cash, a 3.5 percent premium to Omnicare's closing price Wednesday, and assume about $2.3 billion in debt.

CVS expects the combined company to produce significant cost savings that will add about 20 cents to earnings-per-share in 2016, its first full year of operation.

With about 200,000 employees, CVS is one of the country's top two pharmacy benefits managers, companies which handle prescription drug claims for the health programs of other employers and insurers.

The Woonsocket, Rhode Island-based company  also is the number-two drugstore operator after Walgreens by prescription drug sales, with 7,800 retail pharmacies and more than 900 walk-in medical clinics.

Omnicare primarily provides pharmacy-related services to long-term care facilities in 47 of the 50 US states and has a workforce of 13,000.

Shares in CVS were up 0.6 percent at $101.90 in pre-market trade on the New York Stock Exchange, while Omnicare leaped 1.3 percent to $95.86.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us drugstore chain cvs to buy omnicare for 127bn Arab Today, arab today us drugstore chain cvs to buy omnicare for 127bn

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us drugstore chain cvs to buy omnicare for 127bn Arab Today, arab today us drugstore chain cvs to buy omnicare for 127bn

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday