Omnicare, a provider of pharmacy services to the long-term care market, has accepted CVS Health’s $12.7 billion acquisition offer. CVS will pay $98 per share in cash. The transaction is expected to close near the end of 2015, after Omnicare’s stockholder approval and other closing conditions are met.
CVS expects the acquisition to enable it to enlarge its presence in the growing senior pharmacy market. The company is also looking to expand its business in dispensing and managing specialized drugs.
“The acquisition of Omnicare significantly expands our business, providing CVS Health access into a new pharmacy dispensing channel,” CVS Health President and CEO Larry Merlo said in a release. “It also creates new opportunities for us to extend our high-quality, innovative pharmacy programs to a broader population of seniors and chronic care patients as they transition across the continuum.”
This deal allows CVS to provide coordinated clinical pharmacy care in an effort to improve patient outcomes and continuity of care across various healthcare settings.