DOW JONES NEWSWIRES Omnicare Inc. (OCR) has acquired closely held institutional pharmacy provider Continuing Care Rx as Omnicare looks to expand its business amid recent performance woes and a management changes. Financial terms of the deal weren't disclosed. Harrisburg, Pa.-based Continuing Care, serves more than 40,000 beds at long-term-care facilities in eight states including Florida, Illinois and Maryland. It had revenue about $170 million for the year ended June 30. The acquisition came after an abrupt departure of Omnicare's former chief executive last month. A few days later, the provider of drugs to nursing homes and assisted-living centers reported a steep decline in its second-quarter profit and revenue decreased on lower selling volumes and fewer beds served. Continuing Care "is an experienced, cost-effective provider of pharmaceutical services that has built a strong business over the past several years," said James Shelton, Omnicare's interim president and CEO. Its stock closed at $19.20 Tuesday and didn't trade premarket. Shares have fallen 21% this year. -By Jodi Xu, Dow Jones Newswires; 212-416-3037; jodi.xu@dowjones.com;
