To further its objective of "investing in core businesses that help drive growth," health-care giant CVS Caremark (NYSE:CVS) announced today it has signed a definitive agreement to acquire infusion-care provider Coram Specialty Infusion Services from privately held Apria Healthcare for an estimated $2.1 billion.
CVS did not disclose how the deal would be funded. CVS ended its fiscal 2013 third quarter on Sept. 30 with $1.6 billion in cash and equivalents on its balance sheet.
According to CVS, Corum Infusion should generate approximately $1.4 billion in its first year after the deal closes and will be accretive to 2015 earnings by $0.03 to $0.05 per share. The deal for Corum Infusion follows CVS Caremark's acquisition of Brazil-based drugstore chain Drogaria Onofre earlier this year, its first international foray.
Commenting on the deal, CVS Caremark Pharmacy Services president Jon Roberts said, "Infusion will be a valuable component of our broad specialty pharmacy offering going forward."
Corum Infusion said it serves more than 20,000 patients a month from more than 85 locations and provides services including tube feeding , cardiac-related therapies, pain, and hemophilia treatments, among others. Infusion treatments can take place in multiple settings, including the less-expensive home or infusion-center alternatives, according to CVS.
The transaction is subject to customary closing conditions and should be finalized the first quarter of 2014.