Genesis Health Ventures Inc. acquires NeighborCare Pharmacies.KENNETT SQUARE, Pa.--(HealthWire)--June 5, 1996--Genesis Health Ventures Inc. (NYSE NYSE See: New York Stock Exchange :GHV GHV Genesis Health Ventures, Inc. GHV Gross Heating Value (relationship between volume and corresponding amount of energy for gas) ), a leading provider of healthcare services to the elderly through healthcare networks located in five geographic regions in the Eastern United States, has closed the previously announced acquisition of NeighborCare Pharmacies, a privately-held institutional pharmacy, infusion therapy and retail pharmacy company based in Baltimore. Total consideration was approximately $57.3 million, including assumed debt, and was financed through a combination of stock and long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . The purchase price was comprised of approximately $47.3 million in cash and 312,744 shares of Genesis common stock. Since its founding in 1985, Genesis has developed a concentrated and versatile eldercare network through the combination of an employee work force of eldercare professionals, a mix of managed and owned facilities, and joint ventures with other providers. The Genesis ElderCare Network(SM) integrates a full range of services, including family support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services , home care services, physician services, pharmaceuticals and medical supplies, retirement communities, assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. communities, short-term rehabilitation and long-term care. CONTACT: Genesis Health Ventures Inc., Kennett Square George V. Hager Jr., 610/444-6350 |
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