PharMerica (PMC) Acquires Millennium Pharmacy Systems; No Terms

PharMerica Corporation (NYSE: PMC), a national provider of institutional, specialty home infusion, hospital and oncology pharmacy services, today announced that it has completed the acquisition of Millennium Pharmacy Systems (“Millennium”). Millennium is a pharmacy services provider to the long-term care industry that operates seven institutional pharmacies primarily in the Mid-Atlantic region. Terms of the transaction were not disclosed.

PharMerica expects the acquisition to increase its annual revenue by approximately $120 million and be accretive to earnings commencing in the first quarter of 2015.

“Millennium’s presence in the mid-Atlantic region increases the Company’s market share and we will capture meaningful synergies throughout 2015,” said Greg Weishar, PharMerica’s Chief Executive Officer. “This announcement also underscores PharMerica’s dedication to pursuing growth opportunities through acquisitions that drive earnings growth and shareholder value.”

PharMerica has completed acquisitions that generate approximately $220 million of annualized sales, in the aggregate, in 2014. Looking forward, the Company’s goal is to generate at least $100 million of annualized sales, in the aggregate, in 2015.

You May Also Be Interested In

• Gilead Sciences (GILD) Misses Q1 EPS by 288c
• Central Securities (CET) Releases Report to Stockholders
• SPS Commerce (SPSC) Tops Q1 EPS by 12c