Bankrupt Chem Rx Corporation purchased by PharMerica |
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By Staff and Wire Reports |
Monday, 27 September 2010 06:14 |
PharMerica operates 90 institutional pharmacies in 41 states that serve more than 300,000 licensed beds for patients of long-term care facilities. PharMerica has approximately 6,000 employees nationwide. It is expected that there will be no disruption of service or deliveries to Chem Rx's clients as a result of today's filing and subsequent auction proceedings. Clients will continue to receive drugs, medical equipment and surgical supplies according to the same ordering processes and delivery schedules. "We are excited about joining forces with PharMerica, which shares our commitment to providing clients with the drugs and supplies they need accurately and on time," said Jerry Silva, Chem Rx Chief Executive Officer. "This agreement will not only allow Chem Rx to continue serving our loyal customers in the same way we have for so many years, but also enable us to leverage the best technology available to ensure that we are at the forefront of long-term pharmacy care in the future. We believe that PharMerica is the best partner to take the company forward and we look forward to working with PharMerica throughout this process."
As standard procedure in the process, Chem Rx will file the stalking horse asset purchase agreement with the United States Bankruptcy Court for the District of Delaware along with a motion seeking the establishment of bidding procedures for an auction that allows other qualified bidders to submit higher or otherwise better offers. The sale to PharMerica will include substantially all of Chem Rx's current assets, operations and employees. Chem Rx was founded more than 40 years ago as a major institutional pharmacy serving the New York City metropolitan area, as well as parts of New Jersey, upstate New York, Pennsylvania and Florida. Partnering with Chem Rx will allow PharMerica to expand into New York and New Jersey, where it currently does not have a presence. Chem Rx will continue to maintain normal business operations throughout this process and thereafter. "Featured Content" profiles are meant to provide awareness of these companies to investors in the small-cap and growth equity community and should not in any way come across as a recommendation to buy, sell or hold these securities. BiomedReports is not paid or compensated by newswires to disseminate or report news and developments about publicly traded companies, but may from time to time receive compensation for advertising, data, analytics and investor relation services from various entities and firms. Full disclosures should be read in the 'About Us Section'. Add this page to your favorite Social Bookmarking websites ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() |