CVS Caremark to buy Coram for $2.1 billion
THE ASSOCIATED PRESS November 27, 2013 11:46AM
Updated: November 27, 2013 11:48AM
NEW YORK — Drugstore chain CVS Caremark Corp. says it has agreed to buy the drug infusion business Coram LLC, a unit of Apria Healthcare Group Inc., for $2.1 billion.
Coram, which is based in Denver, provides customers with medication and nutrition that is administered through a vein. The medication can be delivered to a customer’s home, clinic or doctor’s office.
CVS expects the deal to close by the end of the first quarter of 2014.
CVS expects Coram to generate revenue of about $1.4 billion in the first year after the deal closes and add earnings of between 3 cents per share and 5 cents per share in 2015.
Apria Healthcare Group Inc., Coram’s parent company, is owned by investment firm The Blackstone Group LP.