Business
CareRx Closes Acquisition of Rexall Pharmacy Group's Ontario and Northern Alberta Long-Term Care Pharmacy Business
CareRx Closes Acquisition of Rexall Pharmacy Group's Ontario and Northern Alberta Long-Te...
About this update from Carerx Corporation
[{"type":"text","content":"\n \n \n \n CareRx Closes Acquisition of Rexall Pharmacy Group's Ontario and Northern Alberta Long-Term Care Pharmacy Business\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 21, 2021\n \n \n /CNW/ - CareRx Corporation (\"\n \n CareRx\n \n \" or the \"\n \n Company\n \n \") (TSX: CRRX), Canada's leading provider of pharmacy services to seniors living and other congregate care communities, announced today that it has closed the previously announced transaction to acquire Rexall Pharmacy Group's (\"\n \n Rexall\n \n \") long-term care pharmacy business in\n \n Ontario\n \n and\n \n Northern Alberta\n \n (the \"\n \n Transaction\n \n \").\n \n \n Under the terms of the Transaction, CareRx acquired contracts serving approximately 4,000 residents of long-term care, assisted living and other congregate care settings across\n \n Ontario\n \n and\n \n Northern Alberta\n \n and a pharmacy fulfillment centre in\n \n Sudbury, Ontario\n \n .\n \n \n CareRx satisfied the cash closing price of\n \n $3.5 million\n \n through existing cash on hand. The Transaction is expected to contribute annualized run-rate revenue of approximately\n \n $14 million\n \n and nominal adjusted EBITDA prior to integration synergies.\n \n \n CareRx will be working with Rexall to transition residents serviced under the acquired contracts to CareRx pharmacy services over the course of next several weeks. Following these transitions, CareRx expects to service approximately 56,000 residents in over 950 seniors and other congregate care communities.\n \n \n \n \n About CareRx\n \n \n \n \n CareRx is\n \n Canada's\n \n leading provider of pharmacy services to seniors living communities. We serve over 56,000 residents in over 950 seniors and other congregate care communities (long-term care homes, retirement homes, assisted living facilities, and group homes). We are a national organization with a large network of pharmacy fulfillment centres strategically located across the country. This allows us to deliver medications in a...