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|  |  Omnicare to Acquire excelleRx to Expand Presence in Pharmacy and Disease ManagementPress Release July 11, 2005 Omnicare, Inc. (NYSE:OCR), the nation's leading provider of pharmaceutical care for the elderly, today announced that it has agreed to acquire privately held excelleRx, Inc., a provider of comprehensive ph armaceutical care services, primarily for hospice patients, for a total purchase price of $268,750,000 in cash. ExcelleRx, based in Philadelphia, Pennsylvania, provides pharmaceutical products and pharmaceutical care services for approximately 400 hospice agencies with approximately 48,000 patients in 46 states. Through three state-of-the-art call centers in Philadelphia, Memphis and Phoenix, excelleRx pharmacists and client support staff work with hospice nurses and physicians to provide clinical consultations and process patient medication orders. ExcelleRx fulfills prescription orders through its two mail service pharmacies in Philadelphia and Memphis and through a network of pharmacies throughout the U.S. Total revenues for excelleRx are currently running at the annualized rate of approximately $130 million. "We are pleased to announce the acquisition of excelleRx. It has a well-established record of providing sophisticated and innovative programs and superior services in the rapidly expanding hospice pharmacy segment of the pharmaceutical services industry," said Joel F. Gemunder, president and chief executive officer of Omnicare, Inc. "In addition to complementing Omnicare's existing hospice business, excelleRx's technology and call center infrastructure, together with its clinical resources and expertise, are expected to serve as an excellent platform for growth in the provision of pharmacy services to both hospice patients and other patient populations that benefit from pharmaceutical care management." The transaction is subject to the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, and is expected to close in the third quarter of 2005. The acquisition is expected to be modestly accretive to Omnicare's earnings per share in 2005, with accretion increasing in 2006. Gemunder noted that the hospice industry has experienced double-digit organic growth driven largely by increased familiarity with, and greater acceptance of, the holistic model of care it represents. As an important element in the range of services provided to hospice patients, pharmacies capable of meeting the clinical needs of these patients have participated in the industry's growth. "The development of our state-of-the-art operational and clinical infrastructures, along with our strong and talented staff of more than 400 dedicated employees, has enabled us to grow rapidly and profitably to become the nation's leading provider of hospice pharmacy services," said Calvin Knowlton, chief executive officer of excelleRx. "We believe that combining our strengths with those of Omnicare will allow us to enhance our growth and take a major step forward in broadening our business to include the management of medication therapy over a wide range of disease states and care settings beyond hospice." "The expertise and talent in hospice pharmacy services that excelleRx brings to Omnicare makes this a highly attractive addition to Omnicare's business," said Gemunder. "Equally important, we share the same vision that the future direction of pharmacy services will be based on the effective management of drug therapies to produce optimal outcomes cost effectively. Accordingly, we see excelleRx as a strong platform for the expansion of Omnicare's pharmaceutical care and disease management capabilities to markets well beyond institutional pharmacy." Wachovia Securities is acting as financial advisor for Omnicare. Citigroup Global Markets Inc. is acting as financial advisor for excelleRx. About Omnicare Omnicare, Inc. (NYSE:OCR), a Fortune 500 company based in Covington, KY, is a leading provider of pharmaceutical care for the elderly. Omnicare serves residents in long-term care facilities comprising approximately 1,090,000 beds in 47 states in the United States and in Canada, making it the largest U.S. provider of professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other institutional healthcare providers. Omnicare also provides clinical research services for the pharmaceutical and biotechnology industries in 30 countries worldwide. CONTACT: Omnicare, Inc. Cheryl D. Hodges, 859-392-3331
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