Coram acquisition 'transforms' Apria
LAKE FOREST, Calif. - Apria last week signed a deal to buy Denver-based Coram for $350 million, a move that significantly increases its footprint in the home infusion market.
The cash deal adds 65,000 new customers to Apria's home infusion business and provides an entry point into the growing specialty pharmacy market. Combined, the two companies will serve more than 100,000 patients annually, through a network that includes more than 50 ambulatory infusion suites and 1,100 clinicians.
"This is a transformative event for Apria," stated Larry Higby, CEO of Apria, in a release. "The transaction supports our strategy of diversifying our service offering by adding and expanding complementary product lines that fit well with our competencies. In addition, this expansion makes Apria significantly less reliant on government reimbursement policies, since government payers will represent a smaller percentage of our overall business."
Apria, which has more than $1.5 billion in revenues, expects Coram to generate $500 million in revenues in 2008. The companies expect the deal to close in November.
Coram's management team, including John Arlotta, its chairman, president and CEO, will integrate and lead home infusion operations.