CVS ProCare Completes Acquisition of Stadtlander Pharmacy; ProCare Now Leads Fast-Growing Specialty Pharmacy Field.Business Editors and Health/Medical Writers WOONSOCKET, R.I.--(BW HealthWire)--Sept. 18, 2000 CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. Corporation (NYSE NYSE See: New York Stock Exchange :CVS) announced today that its CVS ProCare subsidiary has completed the acquisition of the assets of Stadtlander Pharmacy of Pittsburgh, Pa., a subsidiary of Bergen Brunswig Corporation (NYSE:BBC BBC in full British Broadcasting Corp. Publicly financed broadcasting system in Britain. A private company at its founding in 1922, it was replaced by a public corporation under royal charter in 1927. ) for $124 million. The acquisition is expected to be neutral to earnings this year and to add 2 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. in 2001. CVS ProCare, a division of CVS Corporation, was created to support complex and expensive drug therapies for conditions such as HIV/AIDS HIV/AIDS Human Immunodeficiency Virus/Acquired Immune Deficiency Syndrome , cancer, organ and bone marrow transplant bone marrow transplant: see bone marrow. and other disease states requiring biotechnology-based drugs. CVS ProCare currently operates a centralized mail service pharmacy and 30 ProCare apothecaries in urban areas across the nation, and expects to operate approximately 45 apothecaries by year-end. The acquisition of Stadtlander makes CVS ProCare the leading specialty pharmacy company in the nation, providing full-service care to patients requiring special prescription needs for challenging and long-term health conditions. "We are purchasing a high-quality business with significant upside potential. This acquisition makes CVS ProCare the largest, most integrated specialty pharmacy company in America with a diversified revenue base," said CVS Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Tom Ryan. CVS/pharmacy is the nation's largest retail provider of prescriptions, with total sales of $18.1 billion in 1999. The company is the #1 drugstore chain in the U.S. with approximately 4,100 stores in the Northeast, Mid-Atlantic, Southeast and Midwest regions. General information about CVS, including corporate background and press releases, is available at CVS's web site at http://www.cvs.com. This press release contains certain forward-looking statements that are subject to risks and uncertainties. The potential risks and uncertainties that could cause actual results to differ materially from these expressed in the forward-looking statements are discussed in the Company's SEC filings. |
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