PharMerica Appoints Christopher Schaefer As Senior Vice President Of Corporate Development

PharMerica Corporation (NYSE: PMC), a national provider of institutional pharmacy, specialty infusion and hospital pharmacy management services, today announced that Christopher Schaefer has been appointed Senior Vice President of Corporate Development, a newly created position, effective immediately. He will report to Greg S. Weishar, Chief Executive Officer of PharMerica Corporation.

Mr. Schaefer joins PharMerica from CIT Healthcare, where he served as Director of Healthcare Investment Banking, Leveraged Finance and Mergers & Acquisitions. Prior to that, he worked in business and corporate development at Boston Heart Diagnostics. Mr. Schaeffer brings over fifteen years of experience in investment banking, and will be responsible for PharMerica’s corporate growth strategy, with a particular focus on identifying external growth opportunities.

Mr. Weishar said, "On behalf of the Board and management team, I am pleased to welcome Chris to PharMerica. He brings extensive finance and M&A experience to this new role, and I intend to work closely with him to accelerate our growth and take our company’s performance to the next level. I look forward to drawing on his expertise to advance our growth strategy and continue creating value for shareholders.”

Mr. Schaefer said, “As a strong company with an excellent reputation for its customer-centric technologies and superior pharmacy services, PharMerica is well-positioned to pursue value enhancing opportunities for its shareholders. I look forward to joining the company at this exciting time in its growth and contributing to its success.”

About Christopher Schaefer

Mr. Schaefer, 37, was previously Director of Healthcare Investment Banking, Leveraged Finance and Mergers & Acquisitions at CIT Healthcare. Prior to that, he worked at Boston Heart Diagnostics in business and corporate development. Before joining Boston Health Diagnostics, Mr. Schaefer worked in investment banking at Thomas Weisel Partners, UBS Investment Bank, Robertson Stephens and Deutsche Bank. He received a B.S. in Economics from Harvard University and an M.B.A from New York University, Stern School of Business.

About Pharmerica

PharMerica Corporation is a leading institutional pharmacy, specialty infusion and hospital pharmacy management services company servicing healthcare facilities in the United States. PharMerica operates pharmacies in 45 states. PharMerica’s customers are institutional healthcare providers, such as nursing centers, assisted living facilities, hospitals and other long-term care providers. In addition, the Company provides specialty infusion pharmaceuticals to patients in a home setting. The Company also provides pharmacy management services to long-term care hospitals.

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 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, and include, among other matters, the Company’s potential to realize additional opportunities in the market and to create shareholder value and the Company’s plans with respect to its search for a permanent CFO. 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 are 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.

Copyright Business Wire 2010

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