Omnicare Completes Voluntary Settlement Agreement

COVINGTON, Ky.--(Business Wire)--
Omnicare, Inc. (NYSE:OCR) today announced that it has finalized a previously
disclosed agreement in principle for a voluntary civil settlement with the U.S.
Attorney`s Office, District of Massachusetts, the Departments of Justice and
Health and Human Services, as well as various of the states in which the Company
does business. The settlement relates to the previously disclosed investigation
with respect to qui tam complaints filed against the Company. The Company
cooperated fully with the review of these matters and is pleased to have reached
a resolution.

The Settlement Agreement does not include any finding of wrongdoing or any
admission of liability by Omnicare. The Company denies the contentions of the
federal government and the qui tam relators as set forth in the complaints and
further denies any liability related to those contentions. The allegations
include claims that the Company purportedly purchased a medical supply business
at an above-market price to induce the referral of business; allegedly received
improper payments from pharmaceutical manufacturers; and purportedly provided
consultant pharmacist services to customers at below cost and fair market value
to induce the referral of business. The Company agreed to settle the matters in
order to avoid expensive and time-consuming litigation and to focus on its
mission of providing high-quality pharmaceutical care for the frail elderly.

Under the terms of the Settlement Agreement, Omnicare has agreed to pay $98
million plus interest (from June 24, 2009, the date of the aforementioned
agreement in principle) to the federal government and the participating states
and the District of Columbia and related expenses. Consistent with previous
disclosure, this amount has been reserved by Omnicare. Omnicare has also
voluntarily entered into an Amended and Restated Corporate Integrity Agreement
(CIA) with the Department of Health and Human Services. The CIA will be in
effect for a period of five years and provides for, among other things, training
and oversight to demonstrate Omnicare`s commitment to comply with the applicable
laws and regulations governing pharmacies.

About Omnicare

Omnicare, Inc. (NYSE:OCR), a Fortune 500 company based in Covington, Kentucky,
is a leading provider of pharmaceutical care for the elderly. Omnicare serves
residents in long-term care facilities, chronic care and other settings
comprising approximately 1.4 million beds in 47 states, the District of Columbia
and Canada. Omnicare is the largest U.S. provider of professional pharmacy,
related consulting and data management services for skilled nursing, assisted
living and other institutional healthcare providers as well as for hospice
patients in homecare and other settings. Omnicare`s pharmacy services also
include distribution and patient assistance services for specialty
pharmaceuticals. Omnicare offers clinical research services for the
pharmaceutical and biotechnology industries in 31 countries worldwide.

For more information on Omnicare, visit www.omnicare.com.

Forward-Looking Statements

In addition to historical information, this press release contains certain
statements that constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995.These forward-looking
statements include, but are not limited to, all statements regarding the intent,
belief or current expectations regarding the matters discussed or incorporated
by reference in this document (including statements as to "beliefs,"
"expectations," "anticipations," "intentions" or similar words) and all
statements which are not statements of historical fact.Such forward-looking
statements, together with other statements that are not historical, are based on
management`s current expectations and involve known and unknown risks,
uncertainties, contingencies and other factors that could cause results,
performance or achievements to differ materially from those stated.The most
significant of these risks and uncertainties are described in the Company`s Form
10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange
Commission and include, but are not limited to:overall economic, financial,
political and business conditions; trends in the long-term healthcare,
pharmaceutical and contract research industries; the ability to attract new
clients and service contracts and retain existing clients and service contracts;
the ability to consummate pending acquisitions; trends for the continued growth
of the Company`s businesses; trends in drug pricing; delays and reductions in
reimbursement by the government and other payors to customers and to the
Company; the overall financial condition of the Company`s customers and the
ability of the Company to assess and react to such financial condition of its
customers; the ability of vendors and business partners to continue to provide
products and services to the Company; the continued successful integration of
acquired companies; the continued availability of suitable acquisition
candidates; the ability to attract and retain needed management; competition for
qualified staff in the healthcare industry; the demand for the Company`s
products and services; variations in costs or expenses; the ability to implement
productivity, consolidation and cost reduction efforts and to realize
anticipated benefits; the ability of clinical research projects to produce
revenues in future periods; the potential impact of legislation, government
regulations, and other government action and/or executive orders, including
those relating to Medicare Part D, including its implementing regulations and
any subregulatory guidance, reimbursement and drug pricing policies and changes
in the interpretation and application of such policies, including changes in the
calculation of average wholesale price; government budgetary pressures and
shifting priorities; federal and state budget shortfalls; efforts by payors to
control costs; changes to or termination of the Company`s contracts with
Medicare Part D plan sponsors or to the proportion of the Company`s Part D
business covered by specific contracts; the outcome of litigation; potential
liability for losses not covered by, or in excess of, insurance; the impact of
differences in actuarial assumptions and estimates as compared to eventual
outcomes; events or circumstances which result in an impairment of assets,
including but not limited to, goodwill and identifiable intangible assets; the
final outcome of divestiture activities; market conditions; the outcome of
audit, compliance, administrative, regulatory or investigatory reviews;
volatility in the market for the Company`s stock and in the financial markets
generally; access to adequate capital and financing; changes in international
economic and political conditions and currency fluctuations between the U.S.
dollar and other currencies; changes in tax laws and regulations; changes in
accounting rules and standards; and costs to comply with the Company`s Corporate
Integrity Agreements.Should one or more of these risks or uncertainties
materialize or should underlying assumptions prove incorrect, the Company`s
actual results, performance or achievements could differ materially from those
expressed in, or implied by, such forward-looking statements.Readers are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date hereof.Except as otherwise required by law, the
Company does not undertake any obligation to publicly release any revisions to
these forward-looking statements to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.

Omnicare, Inc.
Cheryl D. Hodges, 859-392-3331

Copyright Business Wire 2009