Omnicare Acquires Bach's Pharmacy Services, L.L.C.
COVINGTON, Ky., May 13 /PRNewswire/ -- Omnicare, Inc. (NYSE: OCR) today announced that it has acquired Bach's Pharmacy Services, L.L.C., an institutional pharmacy provider majority-owned by Kuala Healthcare, Inc. (Nasdaq: KUAL), an integrated alternative health care provider.
Bach's, located in Hackettstown, New Jersey, provides comprehensive pharmacy and related services to over 1,600 residents of skilled nursing, assisted living and other long-term care facilities throughout New Jersey. Bach's revenues are running at the annualized rate of $3.1 million.
"The acquisition of Bach's is in line with our goal of developing strong regional positions" said Joel F. Gemunder, Omnicare's president. "Serving the long-term care market in New Jersey for over 30 years, Bach's is well regarded for its strong management and excellent customer service. As a result, the addition of Bach's provides Omnicare with a significant opportunity to expand our clinical programs such as infusion therapy, our proprietary formulary, the Omnicare Geriatric Pharmaceutical Care Guidelines(R), and disease management programs to a broader base of clients in this market."
"By joining the Omnicare family, we at Bach's will gain substantial new resources such as Omnicare's advanced clinical and information systems," said Shawn Lynch, Managing Pharmacist of Bach's. "These considerable resources will enable us to bring to our clients a broader array of services which help them to lower costs and operate more efficiently while enhancing the quality of care they provide for their residents."
Jack Rosen, president and chief executive officer of Kuala Healthcare stated, "The sale of Bach's Pharmacy Services is an initial step in our plan to divest certain non-core businesses and focus our efforts on managing and developing assisted living facilities in the Northeast. Kuala continues to aggressively pursue additional transactions that will enable us to move forward on our development initiatives."
Kuala Healthcare, Inc. is a leading integrated alternative healthcare provider. The company owns and operates long-term and residential healthcare facilities located in New Jersey and Pennsylvania, and owns a majority of the stock of Infu-Tech, Inc. (Nasdaq: INFU), a leading provider of infusion therapy and other medical products and services to patients in their homes and in long-term care facilities. |
