Omnicare, a unit of health insurer CVS Health, said on Wednesday a U.S. bankruptcy court has approved the sale of its business to GenieRx Holdings.
Here are some details:
• GenieRx is a partnership between private investment firm Milrose Capital and healthcare investment and management firm Integro Asset Management.
The transaction is expected to close later this year, subject to regulatory approvals and customary conditions.
• Omnicare did not immediately respond to a Reuters request for financial details related to the deal.
• Omnicare said it will continue to operate normally until the deal closes, maintaining pharmacy services for customers in skilled nursing and assisted living facilities.
• The company said the sale would help strengthen operations and support continued delivery of reliable pharmacy services, with a focus on clinical care and pricing transparency.
• Jenner & Block LLP and Haynes Boone are serving as legal counsel, Houlihan Lokey is serving as investment banker and Alvarez & Marsal is serving as restructuring advisor to Omnicare.
• In September, Omnicare filed for bankruptcy to resolve issues related to its litigation in the U.S. District Court for the Southern District of New York.
https://finance.yahoo.com/news/cvs-unit-omnicare-wins-court-202623590.html
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