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PharMerica Corporation Acquires BGS Pharmacy Partners, Inc.

Stocks in this article: PMC

PharMerica Corporation (NYSE: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 Corporation’s 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.”

About PharMerica

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. 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.

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 information concerning the Company’s “guidance” and possible future results of operations, the strength of the Company’s financial and operational performance during 2013, the impact of the brand to generic drug conversions on the Company, the Company’s ability to identify and consummate future acquisitions, the Company’s ability to deliver outstanding value to its shareholders, the Company’s continued pursuit of its strategic initiatives including those focused on client retention and operating margins, the Company’s ability to successfully work with Innovatix to execute the Company’s strategic initiatives and market expansion into home infusion and specialty, and the Company’s 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 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 the adequacy of our litigation-related reserves 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.

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