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CareRx to Acquire Hogan Long-Term Care Pharmacy
CareRx to Acquire Hogan Long-Term Care Pharmacy Canada NewsWire Acqui...
About this update from Carerx Corporation
[{"type":"text","content":"\n \n \n \n CareRx to Acquire 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 adds innovative pharmacy services delivery model with meaningful organic growth expected from existing customers\n \n \n \n \n TORONTO\n \n ,\n \n March 30, 2022\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 entered into a definitive asset purchase agreement to acquire Hogan Pharmacy Partners Ltd. (\"\n \n Hogan\n \n \"), a long-term care pharmacy serving approximately 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 (\n \n \"Closing\"\n \n ), CareRx will sign 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's customers are expected to increase their beds serviced by over 1,200 beds by the fourth anniversary of Closing based on new license allocations and other anticipated growth plans, which is expected to increase the total beds serviced to approximately 2,000.\n \n \n Hogan has distinguished itself from other long-term care pharmacies in\n \n Ontario\n \n through the \"Hogan Model\", an award-winning, technology-enabled model of pharmacy services. The Hogan Model utilizes biometrically secured \"smart\" medication dispensing cabinets, 24/7 pharmacist support and a fully integrated enterprise resource planning system that reduces medication errors and waste and improves resident care and safety through a closed-loop medication system. The Hogan Model, which operates under a different commercial arrangement with customers than CareRx's current model, provides significant value-added resources to long-term care homes and residents, including freeing up nursing time to foc...