Business
Centric Health to Acquire Remedy'sRx Specialty Pharmacy
Centric Health to Acquire Remedy'sRx Specialty Pharmacy Canada NewsWire TORONTO,...
About this update from Carerx Corporation
[{"type":"text","content":"\n\n\n\nCentric Health to Acquire Remedy'sRx Specialty Pharmacy\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\nCanada NewsWire\nTORONTO, March 24, 2020\n\n\n\nTransformative transaction will create the leading Canadian specialty pharmacy, serving over 50,000 residents \n TORONTO, March 24, 2020 /CNW/ - Centric Health Corporation (\"Centric Health\" or the \"Company\") (TSX:CHH) announced today that it has entered into a definitive agreement to acquire Remedy Holdings Inc. (\"RHI\") and the Remedy'sRx Specialty Pharmacy business, a leading specialty pharmacy serving more than 18,500 residents of long-term care, assisted living and other institutional settings across Ontario and Western Canada (the \"Transaction\"). RHI generated revenue of approximately $60 million for the 12-month period ended September 30, 2019. The Transaction also includes a pending acquisition by RHI which will contribute an additional 800 beds serviced. Upon closing, the Company will become the leading Canadian provider of specialty pharmacy services to seniors communities, serving over 50,000 residents.\n\"This transaction is the culmination of our strategic transformation in the past two years, and it marks the start of an exciting new chapter for our company,\" said David Murphy, President and Chief Executive Officer of Centric Health. \"We look forward to welcoming the Remedy'sRx Specialty Pharmacy team and customers. Together we can build on our respective strengths and provide a best-in-class service offering to home operators that improves health outcomes for the residents we serve. The combined business will be well positioned to accelerate growth and lead the consolidation of a fragmented industry. In addition to strengthening our existing national platform, this transaction will create opportunities to realize material synergies and generate substantial shareholder value as we integrate the businesses.\"\n\"Remedy'sRx Specialty Pharmacy was founded on the principle of providing best in class care for the residents and customers that we have the...