Transaction Expands Company’s Presence in the Mid-Atlantic Region
PharMerica Acquires Millennium Pharmacy Systems
<0> PharMerica CorporationDavid W. Froesel, Jr., 502-627-7950Executive Vice President, Chief Financial Officer and Treasurer </0>
PharMerica Corporation (NYSE:PMC), a national provider of institutional, specialty home infusion, hospital and oncology pharmacy services, today announced that it has completed the acquisition of Millennium Pharmacy Systems (“Millennium”). Millennium is a pharmacy services provider to the long-term care industry that operates seven institutional pharmacies primarily in the Mid-Atlantic region. Terms of the transaction were not disclosed.
PharMerica expects the acquisition to increase its annual revenue by approximately $120 million and be accretive to earnings commencing in the first quarter of 2015.
“Millennium’s presence in the mid-Atlantic region increases the Company’s market share and we will capture meaningful synergies throughout 2015,” said Greg Weishar, PharMerica’s Chief Executive Officer. “This announcement also underscores PharMerica’s dedication to pursuing growth opportunities through acquisitions that drive earnings growth and shareholder value.”
PharMerica has completed acquisitions that generate approximately $220 million of annualized sales, in the aggregate, in 2014. Looking forward, the Company’s goal is to generate at least $100 million of annualized sales, in the aggregate, in 2015.
PharMerica Corporation is a leading institutional pharmacy services company that services healthcare facilities in the United States, provides pharmacy management services to hospitals, specialty infusion services to patients outside a hospital setting, and offers the only national oncology pharmacy and care management platform in the United States. PharMerica operates 97 institutional pharmacies, 14 specialty infusion centers and 5 specialty oncology pharmacies in 45 states. PharMerica’s 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.