Graymark Healthcare Agrees To Sell Pharmacy Division To Walgreens Creating Pure Play Sleep Apnea Company
OKLAHOMA CITY, Sept. 1 /PRNewswire-FirstCall/ -- Graymark Healthcare, Inc. (Nasdaq: GRMH) today announced a definitive agreement under which Walgreen Co. will acquire substantially all of the assets of ApothecaryRx, the independent pharmacy division of Graymark Healthcare. Graymark expects to realize a total enterprise sale value of approximately $35 million including retained AR, expenses and proceeds from the liquidation of remaining ApothecaryRx assets.
The transaction is subject to customary regulatory conditions and would include all 18 ApothecaryRx stores located in five states. The parties anticipate that the transaction will close in the fourth quarter of calendar year 2010.
"The divestiture of our pharmacy division will allow us to put full focus on our sleep apnea business and to continue to grow that segment both organically and through acquisitions," said Stanton Nelson, Chairman and CEO of Graymark Healthcare. "Rapid growth in the sleep segment, strong margins and the lack of a definitive market leader in the sleep apnea space makes this a very desirable area for our focus and investment," Nelson continued.
ApothecaryRx was founded in 2006 and purchased large successful independent retail pharmacies retaining their local identities and community focus. "After examining all the choices, we believe that these stores will now best be positioned to succeed and continue to serve the needs of their communities within the Walgreens family," added Nelson.In 2009 Graymark Healthcare launched the nation's first comprehensive care model for the diagnosis, treatment and continued support of patients with obstructive sleep apnea. It has grown into one of the largest national aggregators of sleep therapy businesses. Morgan Joseph LLC's Healthcare Investment Banking Group served as exclusive financial advisor to Graymark Healthcare on the transaction. About Graymark Healthcare Graymark Healthcare, Inc. provides comprehensive care for people with sleep apnea. Graymark offers diagnostic services through its owned centers as well as through management agreements with hospitals, clinics and other care sites including patients' homes. Graymark offers treatment for sleep apnea through regional sites and longer term supportive care, including supplies, through its mail order and internet based programs. Graymark plans to continue its growth both internally and through strategic acquisitions related to the diagnosis and care of sleep apnea patients. Currently, Graymark Healthcare has a subsidiary that owns and operates independent retail pharmacies. Graymark plans to divest this subsidiary. Forward Looking Safe Harbor
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV