PharMerica Acquires CareMed Specialty Pharmacy

LOUISVILLE, Ky.--()--PharMerica Corporation (NYSE:PMC), a diversified national provider of institutional and specialty pharmacy services, announced today that it has completed the acquisition of CareMed Specialty Pharmacy (“CareMed”). Terms of the transaction were not disclosed.

“Like CareMed, PharMerica adheres to the highest standards of care and service. We look forward to realizing the significant benefits this transaction will bring to our customers and employees.”

CareMed, based in New Hyde Park, NY, and licensed in all 50 states, provides comprehensive specialty pharmacy services nationally and is known industry-wide for its commitment to excellence and customer service.

Greg Weishar, PharMerica Corporation’s Chief Executive Officer, stated, “The CareMed acquisition is in line with the Company’s diversified business strategy and further bolsters our position in the rapidly growing specialty pharmacy market. We look forward to working with the talented CareMed management team to deliver value to all PharMerica stakeholders.”

“We are pleased to have reached this agreement and believe we have found an ideal partner in PharMerica,” said Dr. Moby Kazmi, Chief Executive Officer of CareMed. “Like CareMed, PharMerica adheres to the highest standards of care and service. We look forward to realizing the significant benefits this transaction will bring to our customers and employees.”

About PharMerica

PharMerica Corporation is a leading provider of pharmacy services. PharMerica serves the long-term care, hospital pharmacy management services, specialty home infusion and oncology pharmacy markets. PharMerica operates 98 institutional pharmacies, 19 specialty home infusion pharmacies and 4 specialty oncology pharmacies in 45 states. PharMerica’s customers are institutional healthcare providers, such as skilled nursing facilities, assisted living facilities, hospitals, individuals receiving in-home care and patients with cancer.

Forward-looking Statements

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 Company’s current estimates, expectations and projections about its future results, performance, prospects and opportunities. Forward-looking statements include, among other matters, the Company’s expectations with respect to the acquisition of CareMed, the Company’s ability to realize significant benefits that the CareMed acquisition could bring to its patients, providers and employees, and CareMed’s future performance. 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 Company’s 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 Company’s actual results to differ materially from the results referred to in the forward-looking statements we make in this press release include our ability to effectively and successfully execute, manage and integrate the CareMed acquisition, the Company’s ability to continue to execute its strategic initiatives, and those included in the Risk Factors section set forth in the Company’s Annual Report on Form 10-K filed with the SEC 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 Company’s 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 Company’s Annual Report on Form 10-K filed with the SEC and in other reports filed with the SEC by the Company.

Contacts

PharMerica Corporation
Robert Dries, 502-627-7950
Executive Vice President and Chief Financial Officer

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Release Summary

PharMerica Acquires CareMed Specialty Pharmacy

PharMerica Corporation