A CVS-OWNED company had fallen into Chapter 11 bankruptcy in September after a former pharmacist filed a whistleblower lawsuit in 2015.
Flash forward to today, and the Omnicare division of CVS is moving toward a court-supervised liquidation sale of all its assets.
The Rhode Island-based CVS Health Corp. purchased Omnicare in 2015 for about $12.7 billion, with the subsidiary specializing in long-term care pharmacy services.
While CVS’ core business has been strong, the company has run into trouble with Omnicare, which has faced an ongoing Chapter 11 process.
The company, which serves nursing homes, assisted living centers, and long-term care and rehab facilities, filed for bankruptcy last fall and will be subject to a court-ordered bankruptcy liquidation sale in May.
GenieRx Holdings LLC became the stalking horse bidder after entering an agreement with CVS, offering to pay $250 million in cash for Omnicare.
“The agreement with GenieRx will set the floor for the sale of the company’s assets. Accordingly, the proposed agreement is subject to higher or otherwise better offers from other qualified bidders,” CVS stated in a press release.
Interested parties must submit competing bids by April 30, after which an auction will be held on May 5 followed by a hearing to approve the sale to the winning bidder.
The CVS-owned Omnicare division delivers medications in bulk to care facilities, packages drugs for scheduled dosing, and provides pharmacist consulting to staff and...
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