By Siddhi Mahatole
May 13 (Reuters) – Omnicare, a unit of health insurer CVS Health, said on Wednesday a U.S. bankruptcy court had approved the sale of its business to GenieRx Holdings in a deal valued at about $250 million, according to court filings.
Here are some details:
• The bid includes $250 million in cash as well as the assumption of certain payroll and other liabilities, according to court filings.
• The transaction is expected to close later this year, subject to regulatory approvals and customary conditions.
• Omnicare, a pharmacy services provider to the long-term care market and serving an aging population across the United States, said it will continue to operate as usual until the deal closes.
• The company said the sale would help strengthen operations and support continued delivery of reliable services, with a focus on clinical care and pricing transparency.
• In September, Omnicare had filed for bankruptcy to resolve issues stemming from litigation in the U.S. District Court for the Southern District of New York.
• GenieRx is a partnership between private investment firm Milrose Capital and healthcare investment and management firm Integro Asset Management.
• Jenner & Block LLP and Haynes Boone are serving as legal counsel, Houlihan Lokey is serving as investment banker and Alvarez & Marsal is serving as restructuring advisor to Omnicare.
(Reporting by Siddhi Mahatole in Bengaluru; Editing by Shailesh Kuber and Diti Pujara)
