TORONTO , June 21, 2021 /CNW/ - CareRx Corporation (" CareRx " or the " Company ") (TSX:CRRX.TO), Canada's leading provider of pharmacy services to seniors living and other congregate care communities, announced today that it has closed the previously announced transaction to acquire Rexall Pharmacy Group's (" Rexall ") long-term care pharmacy business in Ontario and Northern Alberta (the " Transaction ").
Under the terms of the Transaction, CareRx acquired contracts serving approximately 4,000 residents of long-term care, assisted living and other congregate care settings across Ontario and Northern Alberta and a pharmacy fulfillment centre in Sudbury, Ontario .
CareRx satisfied the cash closing price of $3.5 million through existing cash on hand. The Transaction is expected to contribute annualized run-rate revenue of approximately $14 million and nominal adjusted EBITDA prior to integration synergies.
CareRx will be working with Rexall to transition residents serviced under the acquired contracts to CareRx pharmacy services over the course of next several weeks. Following these transitions, CareRx expects to service approximately 56,000 residents in over 950 seniors and other congregate care communities.