CVS Sale Of Omnicare Long-Term Care Pharmacy Continues Portfolio Revamp
A bankruptcy court has approved the sale of CVS Healths underperforming Omnicare long-term care pharmacy network to GenieRx in a deal valued at $250 million. CVS said the sale to GenieRx followed a “comprehensive sale process” that was approved by the U.S. Bankruptcy Court for the Northern District of Texas. GenieRx, a joint partnership between private investment firm Milrose Capital LLC and health-care investment and management firm Integro Healthcare Services, “will have the opportunity to strengthen” Omnicares service, CVS said. For CVS, the deal is the latest to focus on profitable businesses. The companys Aetna health insurance unit left the business of selling individual coverage under the Affordable Care Act known as Obamacare and the company has scaled back opening senior health clinics in favor or smaller drugstore formats. “We are entering this next phase with clarity on what matters most: delivering reliable pharmacy services, maintaining safe and clinically appropriate care, and being transparent and fair in how we operate,” said Omnicares president, David Azzolina, in a statement. “Our teams continue to show a deep commitment to our customers, and I am grateful for the work they do every day to support residents in skilled nursing and assisted living settings.” When CVS purchased Omnicare









