Omnicare, a subsidiary of health insurer CVS Health, announced on Wednesday that a U.S. bankruptcy court had approved the sale of its business to GenieRx Holdings in a deal worth approximately $250 million, according to court filings.
- According to court filings, the offer includes $250 million in cash along with the assumption of certain payroll obligations and other liabilities.
- The deal is expected to be finalized later this year, pending regulatory approvals and other customary closing conditions.
- Omnicare, which provides pharmacy services to the long-term care sector and supports aging populations across the United States, stated that normal business operations will continue until the transaction is completed.
- The company said the sale is intended to strengthen its operations and ensure the continued delivery of dependable services, with an emphasis on clinical care and pricing transparency.
- Omnicare filed for bankruptcy in September as part of efforts to address litigation-related matters connected to proceedings in the U.S. District Court for the Southern District of New York.
- GenieRx is a joint venture between private investment firm Milrose Capital and healthcare investment and management company Integro Asset Management.
- Jenner & Block LLP and Haynes Boone are acting as legal advisors to Omnicare, while Houlihan Lokey is serving as investment banker and Alvarez & Marsal is providing restructuring advisory services.
