CVS acquires infusion services provider

Woonsocket, R.I. – CVS Caremark has completed the acquisition of Coram LLC, the specialty infusion services and enteral nutrition business unit of Apria Healthcare Group Inc. Coram cares for approximately 165,000 patients annually and has 4,600 employees, including 600 nurses, 350 pharmacists and 250 dietitians, operating primarily through 85 branch locations and six centers of excellence for patient intake.

Coram is expected to generate approximately $1.4 billion in revenues during the first twelve months following the close of the deal.  Including one-time transaction and integration costs, as well as the interest associated with the $2 billion of senior notes issued to fund this transaction, the transaction is expected to have an immaterial impact on CVS Caremark's overall financial results in 2014.  The transaction is expected to add $0.03 to $0.05 cents to the company's adjusted earnings per share in 2015, the first full year following the close of the deal.

Barclays served as the company's financial advisor on the transaction, while Sullivan and Cromwell LLP served as legal advisor, and Dechert LLP served as legal advisor from an anti-trust perspective.

"With the acquisition of Coram, we have expanded our competitive offerings in specialty services," said Jon Roberts, president of CVS Caremark Pharmacy Services. "From a capabilities perspective, no other organization brings the range of specialty assets, the depth of experience and integration of care that the combination of CVS Caremark and Coram can deliver."