Capstone Pharmacy Services agrees to acquire Institutional Pharmacy; acquisition will add $4.6 million in revenue.BALTIMORE--(HealthWire)--Dec. 4, 1996--Capstone Pharmacy Services, Inc. (Nasdaq NM: DOSE), a leading provider of institutional pharmacy services to long-term care facilities long-term care facility n. See skilled nursing facility. and correctional institutions Noun 1. correctional institution - a penal institution maintained by the government detention camp, detention home, detention house, house of detention - an institution where juvenile offenders can be held temporarily (usually under the supervision of a juvenile throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , today announced that it has entered into an agreement to acquire the assets and named liabilities of Institutional Pharmacy, Inc. Terms of the transaction were not disclosed. Institutional Pharmacy, Inc. is a leading provider of institutional pharmacy services in the state of Tennessee. Institutional Pharmacy currently provides services to 3,700 nursing home residents. This transaction is expected to be completed within two weeks. Dirk Allison, chief executive officer of Capstone, stated, "Institutional Pharmacy, Inc. is a well respected company which will greatly expand our presence in Tennessee. With this new pharmacy, we will be able to begin servicing over 1,500 captive beds through a unique Capstone Preferred Provider Agreement. With these captive beds and the base business of Institutional Pharmacy, we will be one of the largest providers of institutional pharmacy services in Tennessee. This acquisition is consistent with our strategy of acquiring large independent pharmacy An independent pharmacy is a retail pharmacy that is not directly affiliated with any chain pharmacy, such as CVS/pharmacy, Walgreens or Eckerd. However, owners of independent pharmacies will often form alliances with other independents and use their power in numbers to bargain for companies and then increasing their size, efficiency and profitability by adding Preferred Provider beds in that market." Allison added, "We are extremely pleased that the management and employees of Institutional Pharmacy will be joining our company." James Lunsford, president and chief executive officer of Institutional Pharmacy, Inc., noted, "We are excited about our agreement with Capstone. We believe Institutional Pharmacy will be able to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. their size and resources to provide high quality services in an even more cost effective manner." Capstone is one of the nation's largest independent institutional pharmacy services company providing services to long-term care facilities with 91,000 beds in 14 states. It is the largest provider of pharmaceutical services to prisons in the U.S. correctional system, serving approximately 110,000 inmates. CONTACT: Capstone Pharmacy Services Inc. Dirk Allison, 972/401-1541 Morris Perlis, 416/866-3193 or Lippert/Heilshorn & Assoc., Inc. Evan Smith Evan Smith (b. April 20, 1966) is the current Editor in Chief of Texas Monthly. Born in New York, Smith has a bachelor's degree in public policy from Hamilton College and a master's degree in journalism from the Medill School of Journalism at Northwestern University , 212/838-3777, x104 EVAN@LHAI.COM (1) (Computer Output Microfilm) Creating microfilm or microfiche from the computer. A COM machine receives print-image output from the computer either online or via tape or disk and creates a film image of each page. |
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