Omnicare, Inc. (NYSE: OCR) and Walgreen Co. (NYSE: WAG) (NASDAQ: WAG) today announced a transaction in which Omnicare will acquire substantially all of the assets of Walgreens long-term care pharmacy business. In exchange, Walgreens will acquire substantially all of the assets of Omnicare's home infusion business. Closing of the transaction, which is subject to regulatory approvals and other conditions, is expected to occur before Nov. 15, 2010. Financial terms were not disclosed.
“Acquiring Omnicare's infusion business allows us to expand into currently underserved markets, while also strengthening our position in existing markets. As the nation's largest provider of home infusion services, we are well-positioned to support the rapidly expanding specialty drug pipeline that requires infusion.”
Walgreens intends to acquire substantially all of the assets of Omnicare's six home infusion locations operating in Maryland, Nevada, Virginia, Pennsylvania and California, one compounding pharmacy location operating in Nevada and one home care management location operating in Maryland. Omnicare intends to acquire substantially all of the assets at Walgreens long-term care pharmacy locations operating in Colorado, Texas, Florida, Georgia and Maryland.