|CVS ProCare Completes Acquisition of Stadtlander Pharmacy; ProCare Now Leads Fast-Growing Specialty Pharmacy Field|
WOONSOCKET, R.I.--(BW HealthWire)--Sept. 18, 2000-- CVS Corporation (NYSE: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) for $124 million. The acquisition is expected to be neutral to earnings this year and to add 2 cents per share in 2001.
CVS ProCare, a division of CVS Corporation, was created to support complex and expensive drug therapies for conditions such as HIV/AIDS, cancer, organ and bone marrow transplant 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, 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.