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Recent Transactions
Choice Source Therapeutics
Caremark Rx, Inc. (NYSE: CMX) reported today that it completed the acquisition of Choice Source Therapeutics, Inc., a specialty distribution business with a primary focus on providing pharmacy and clinical services for people with hemophilia, for $48.5 million in cash.
The business, with expected 2002 revenues of $43 million, operates out of four pharmacy locations and three satellite offices in the United States and Puerto Rico. Caremark expects the transaction to be accretive to earnings per share during 2002. Choice Source Therapeutics will operate as a wholly owned subsidiary of Caremark.
Choice Source was represented exclusively by Provident Healthcare Partners, LLC. Commenting on the acquisition, Provident Healthcare Partners was pleased to represent Choice Source in completing this strategic specialty pharmacy acquisition for Caremark, said Robert Ciardi, Managing Partner of Provident Healthcare Partners. ?Choice Source?s history of strong revenue and earnings growth, and its superlative record of client service, matches Caremark?s strategic acquisition criteria perfectly.
As a result of Caremark's continued strong performance in Q1 and the acquisition of Choice Source, the Company announced it now expects 2002 earnings per share to be in a range of $1.02 to $1.04, up from previous expectations of between $.98 and $1.00.
Commenting on the acquisition, Mac Crawford, Chairman of the Board and Chief Executive Officer said, Choice Source has built an excellent reputation in all areas, including customer service, reimbursement verification and compliance. For the full year of 2002, the company is expected to produce $43 million in revenues and approximately $8 million in EBITDA. We see this business as an excellent fit within our existing specialty distribution area and it enables us to further expand our hemophilia product line. We expect the transaction to be $.01 accretive to earnings per share during 2002.
About Caremark, Inc.
Caremark is a leading pharmaceutical services company, providing comprehensive drug benefit services to over 1,200 health plan sponsors and holding contracts to serve approximately 24 million participants throughout the U.S. Caremark's clients include corporate health plans, managed care organizations, insurance companies, unions, government agencies and other funded benefit plans. The company operates a national retail pharmacy network with over 55,000 participating pharmacies, three state-of-the-art mail service pharmacies, the industry?s only FDA-regulated repackaging plant and 17 JCAHO-accredited specialty distribution mail service pharmacies for delivery of advanced medications to individuals with chronic or genetic diseases and disorders.
About Choice Source Therapeutics, Inc.
Choice Source Therapeutics is a specialty pharmacy dispensing high dollar biological medications such as Hemophilia clotting factors. The Company's primary focus is providing pharmacy and clinical services for individuals and families living with hemophilia. Each office also provides nursing, IV immune globulins and clinical and reimbursement support services to the chronic disease communities. The Company operates out of four fully staffed pharmacy locations and three satellite offices strategically located in the southern half of the United States and Puerto Rico.
Transaction: Sale of company to Caremark Rx, Inc (NYSE: CMX).
Provident Healthcare Partners role: Initiated and structured this transaction, conducted the negotiations, and acted as exclusive financial advisor to Choice Source Therapeutics Inc.