Omnicare acquires NeighborCare

Wednesday, August 31, 2005

COVINGTON, Ky. -- Omnicare, a provider of pharmaceutical care for the elderly, in July acquired NeighborCare. The deal will bring Omnicare's total number of beds served to nearly 1.4 million, an increase of approximately 27%, according to a company statement. The combined company will have a nationwide network of pharmacies serving long-term care providers in 47 states, the District of Columbia and Canada. Based upon results from the two companies for the quarter that ended March 31, 2005, NeighborCare's addition will bring Omnicare's combined annualized revenues on a pro forma basis to approximately $6 billion.