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US: CVS paying $10.4 billion for drug distributor Omnicare

By  |  May 21, 2015

CVS Health will pay more than $10 billion for pharmaceutical distributor Omnicare in a deal primed to feed its fast-growing specialty drug business and tap a lucrative and growing market: care for the elderly.

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    The acquisition announced Thursday will give one of the biggest U.S. pharmacy benefits managers national reach in dispensing prescription drugs to assisted living and skilled nursing homes, long-term care facilities, hospitals and other care providers. Omnicare’s long-term care business operates in 47 states and the District of Columbia.

    Cincinnati-based Omnicare’s core business involves distributing drugs and providing pharmacy services to long-term care providers, a market CVS Health doesn’t currently serve.

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    CVS Health CEO Larry Merlo told analysts that represents a “substantial growth opportunity” for his company, with the U.S. population aging.

     

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