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Omnicare Acquires Fellow Elder-Care Drug Provider

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;

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