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Five Star Quality Care Inc Announces Completion Of Pharmacy Sale To Omnicare, Inc

Tuesday, 11 Sep 2012 08:00am EDT 

Five Star Quality Care Inc announced that it has completed its previously announced sale of its pharmacy business to Omnicare, Inc. Five Star received $30.5 million in sale proceeds from Omnicare. In addition, Five Star sold to Omnicare, or retained, certain items of net working capital invested in its pharmacy business which, based on June 30, 2012 amounts, is approximately $8.2 million. Accordingly, Five Star currently expects to receive a total of $38.7 million (before transaction costs) in net cash receipts resulting from the sale and to record a capital gain of approximately $23.3 million. The pharmacy business that Five Star sold includes eight licensed pharmacies operating in 13 states that provide institutional pharmacy services to 247 senior living communities with approximately 12,300 living units. 

Company Quote

0.48 +0.75%
4:02pm EDT