Business
CareRx Completes Acquisition of Long-Term Care Pharmacy Division of Medical Pharmacies
CareRx Completes Acquisition of Long-Term Care Pharmacy Division of Medical Pharmacies ...
About this update from Carerx Corporation
[{"type":"text","content":"\n \n \n \n CareRx Completes Acquisition of Long-Term Care Pharmacy Division of Medical Pharmacies\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 \n Acquisition expands residents serviced by nearly 65% to more than 92,000\n \n \n \n \n \n TORONTO\n \n ,\n \n Aug. 23, 2021\n \n /CNW/ - CareRx Corporation (\"\n \n CareRx\n \n \" or the \"\n \n Company\n \n \") (TSX: CRRX),\n \n Canada's\n \n leading provider of pharmacy services to seniors living and other congregate care communities, announced today that it has closed the previously announced acquisition (the \"\n \n Acquisition\n \n \") of the Long-Term Care Pharmacy Division (the \"\n \n MPGL LTC Pharmacy Business\n \n \") of Medical Pharmacies Group Limited (\"\n \n MPGL\n \n \"). Following completion of the Acquisition, CareRx now serves over 92,000 residents in over 1,500 seniors and other congregate care communities across\n \n Canada\n \n , further expanding CareRx's leading national footprint.\n \n \n The MPGL LTC Pharmacy Business is expected to contribute run-rate annualized revenue of approximately\n \n $150 million\n \n and Adjusted EBITDA of\n \n $10 million\n \n to\n \n $12 million\n \n , as well as cost savings synergies of a minimum of\n \n $5 million\n \n , and is expected to be immediately accretive to CareRx's earnings. The purchase price for the Acquisition was satisfied through the issuance of\n \n $70 million\n \n of cash and the issuance of 550,359 common shares of CareRx.\n \n \n \"Today marks the most significant step to date in the growth and transformation of CareRx into the clear leader of the institutional pharmacy sector in\n \n Canada\n \n ,\" said\n \n David Murphy\n \n , President and Chief Executive Officer of CareRx. \"I am proud to welcome our new colleagues from MPGL, and I look forward to working with them to bring our two companies together and deliver a superior service offering to our home operator partners and their residents. The combined business is uniquely positioned to deliver continued growth and ...