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CareRx Completes Acquisition of Hogan Long-Term Care Pharmacy
CareRx Completes Acquisition of Hogan Long-Term Care Pharmacy Canada NewsWire ...
About this update from Carerx Corporation
[{"type":"text","content":"\n \n \n \n CareRx Completes Acquisition of Hogan Long-Term Care Pharmacy\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Acquisition increases the number of residents serviced by 725\n \n \n and is expected to add over 1,200 additional beds over four years\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n May 30, 2022\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 it has closed the previously announced acquisition of Hogan Pharmacy Partners Ltd. (\"\n \n Hogan\n \n \"), a long-term care pharmacy serving 725 residents in long-term care and retirement homes in\n \n Ontario\n \n (the \"\n \n Transaction\n \n \").\n \n \n In connection with closing of the Transaction, CareRx has signed a new seven-year contract with Hogan's largest customer, a regional seniors living operator, representing approximately 85% of the beds serviced by Hogan. Hogan is expected to increase its beds serviced by over 1,200 beds by the fourth anniversary of closing based on new bed license allocations and other anticipated growth plans for their customers, which would increase the total beds serviced to approximately 2,000.\n \n \n \"With the closing of this acquisition, CareRx adds a pharmacy services model that is truly unique in our industry, enabling us to provide our home partners with additional choice from a service delivery standpoint, further differentiating us from our competitors, while also extending our technology leadership,\" said\n \n David Murphy\n \n , President and Chief Executive Officer of CareRx.\n \n \n At closing of the Transaction, CareRx issued the vendors of Hogan 481,400 CareRx common shares with a value of\n \n $2.2 million\n \n and a\n \n $2.2 million\n \n vendor take-back note, of which\n \n $1 million\n \n is repayable after 18 months,\n \n $0.4 million\n \n is repayable after 36 months, and the final\n \n $0.8 million\...