CVS Caremark completes $2.1B acquisition of Coram

CVS Caremark completes $2.1 billion acquisition of infusion business Coram

Associated Press

WOONSOCKET, R.I. (AP) -- Drugstore chain CVS Caremark Corp. completed its $2.1 billion acquisition of the drug infusion business Coram LLC, and it expects the deal to start helping earnings next year.

The Woonsocket, R.I., company said Friday that Coram should generate about $1.4 billion in revenue during the first year after the deal closes. CVS said the deal, first announced in November, won't have a material impact on its results this year, but it should add between 3 cents and 5 cents to adjusted earnings per share next year.

Denver-based Coram provides medication and food that is administered through a vein or tube. Among those using such services are patients being treated for conditions such as immune deficiencies, rheumatoid arthritis and nutritional deficiencies.

CVS said in November the deal will make it more competitive and enable it to provide more services to its customers. CVS runs the second-largest U.S. drugstore chain behind Walgreen Co., and its Caremark unit is one of the nation's largest pharmacy benefits managers.

Shares of CVS Caremark climbed 7 cents to $68.20 shortly before markets opened Friday. The stock price has ranged between $50.21 and $71.99 over the past year.

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