PharMerica Corporation Acquires BGS Pharmacy Partners, Inc.
LOUISVILLE, Ky.--(BUSINESS WIRE)-- PharMerica Corporation (PMC), a national provider of institutional, specialty home infusion, and oncology pharmacy services, today announced that on December 31, 2013 it completed the all-cash acquisition of BGS Pharmacy Partners, Inc. Although financial terms of the transaction were not disclosed, the Company expects the acquisition to be accretive to earnings in 2014.
BGS Pharmacy Partners provides comprehensive pharmacy services to long-term care facilities and other customers, primarily in Las Vegas and Reno, Nevada and Salt Lake City, Utah.
Greg Weishar, PharMerica Corporations Chief Executive Officer, stated, The transaction increases our presence in two important markets where we have existing operations, Las Vegas and Salt Lake City, and expands our geographic footprint in the Reno area. BGS has a talented team and has built a strong business based on patient care, clinical expertise, and customer service. We look forward to working with BGS outstanding client base to serve the needs of their residents.
PharMerica Corporation is a leading institutional pharmacy services company that services healthcare facilities in the United States, provides pharmacy management services to hospitals and specialty infusion services to patients outside a hospital setting, and offers the only national oncology pharmacy in the U.S. PharMerica operates 95 institutional pharmacies and 12 specialty infusion centers in 45 states. PharMericas customers are institutional healthcare providers, such as skilled nursing facilities, nursing centers, assisted living facilities, hospitals, individuals receiving in-home care and other long-term alternative care providers.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Companys current estimates, expectations and projections about its future results, performance, prospects and opportunities. Forward-looking statements include, among other matters, the information concerning the Companys guidance and possible future results of operations, the strength of the Companys financial and operational performance during 2013, the impact of the brand to generic drug conversions on the Company, the Companys ability to identify and consummate future acquisitions, the Companys ability to deliver outstanding value to its shareholders, the Companys continued pursuit of its strategic initiatives including those focused on client retention and operating margins, the Companys ability to successfully work with Innovatix to execute the Companys strategic initiatives and market expansion into home infusion and specialty, and the Companys ability to achieve organic growth. Forward-looking statements include statements that are not historical facts and can be identified by forward-looking words such as anticipate, believe, could, estimate, expect, intend, plan, may, should, will, would, project and similar expressions. These forward-looking statements are based upon information currently available to us and are subject to a number of risks, uncertainties and other factors that could cause the Companys actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Important factors that could cause the Companys actual results to differ materially from the results referred to in the forward-looking statements we make in this press release include the adequacy of our litigation-related reserves and those included in the Risk Factors section set forth in the Companys Annual Report on Form 10-K filed with the SEC (SCUR) and in other reports, including Quarterly Reports on Form 10-Q filed with the SEC by the Company.
You are cautioned not to place undue reliance on any forward-looking statements, all of which speak only as of the date of this press release. Except as required by law, we undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events. All subsequent written and oral forward-looking statements attributable to us or any person acting on the Companys behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this press release and in the Risk Factors section set forth in the Companys Annual Report on Form 10-K filed with the SEC and in other reports filed with the SEC by the Company.
David W. Froesel, Jr., 502-627-7950
Executive Vice President,
Chief Financial Officer and Treasurer
Source: PharMerica CorporationCopyright Business Wire 2014