Omnicare Acquires Life Care Pharmacy

Omnicare, Inc., (Covington, KY) announced that it has acquired substantially all of the assets of Life Care Pharmacy Services, Inc., a multistate provider of institutional pharmacy services owned by Forrest Preston, the founder, chairman and sole shareholder of Life Care Centers of America, Inc. Terms were not disclosed.

Life Care Centers of America, Inc., based in Cleveland, TN, is said to be one of the nation's largest privately owned operators of skilled nursing, assisted living, and retirement facilities with approximately 233 facilities serving more than 31,000 residents in 28 states. Life Care Pharmacy provides comprehensive pharmacy and related consulting services to more than 17,300 residents in long-term care facilities in twelve states from its eight pharmacy locations. Life Care Pharmacy's revenues are currently running at the annualized rate of approximately $45 million, according to a press release.

With the acquisition of Life Care Pharmacy, Omnicare now provides institutional pharmacy services to approximately 617,300 residents in approximately 8,600 long-term care facilities in 43 states.