By James Pilcher
The Cincinnati Enquirer
COVINGTON - Omnicare Inc. continued its expansion into the elderly and specialty pharmacy market Wednesday, purchasing Reno, Nev.-based Arlington Clinical Pharmacy Inc. and several related companies.
Terms of the deal were not disclosed at Arlington's request, but Omnicare said the companies being purchased generate more than $21 million annually in revenue.
The company also said it expects those revenues to be added to Omnicare's results in 2004 and beyond.
Covington-based Omnicare already dominates the institutional pharmacy business, providing pharmacy services to nursing homes nationwide that have nearly 1 million beds.
The purchase is Omnicare's third major acquisition this year, and the company have made more than 100 such moves since 1988.
Arlington provides pharmacy services to clinics and at-home customers for specialty drugs, especially injectable or IV drugs.
"(Arlington's) addition to Omnicare provides us with a substantial opportunity to build upon our existing operations in the fast-growing specialty pharmacy business," Joel F. Gemunder, Omnicare president and chief executive officer, said in a statement.
"Arlington will add clinical focus in several new disease states, geographic expansion opportunities, as well as the ability to leverage services and capabilities among Omnicare's national network of institutional pharmacies."
Company officials also said the purchase could solidify relationships with pharmaceutical companies, which are developing more injectable drugs, while providing the possibility of new drugs to existing patients at its nursing homes.
The company's stock closed at $40.05, up five cents.
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