CareRx To Acquire The LTC Pharmacy Division Of Medical Pharmacies; Shares Pop 9%

CareRx To Acquire The LTC Pharmacy Division Of Medical Pharmacies; Shares Pop 9%
Stephanie Bedard-Chateauneuf-
April 19, 2021, 1:14 PM EDT
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CareRx shares jumped more than 9% in early trading on Monday after the company announced that it has signed an agreement to acquire the Long-Term Care Pharmacy Division of Medical Pharmacies Group Limited.
This acquisition adds approximatively 36,000 residents served and C$150 million in annual revenue. It is expected to pay off immediately with significant synergies.
At closing, CareRx (
CRRX) expects to serve more than 88,000 residents, strengthening the company’s position as the leading provider of senior pharmacies in Canada
CareRx President and CEO David Murphy said, “The acquisition of MPGL’s LTC Pharmacy Division is our most transformational acquisition to date and will increase the number of homes and residents we service by approximately 70%. MPGL’s LTC Pharmacy Division has a reputation for service and clinical excellence and, as part of CareRx, will provide strategic benefits that we are confident will further strengthen our service offering to our customers, while enhancing our future growth opportunities. With our proven track record of integrating acquisitions, we expect to generate significant operational synergies that will contribute to a meaningful expansion of our EBITDA margin.”

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