Omnicare Acquires CCRx

Omnicare, Inc. OCR has acquired Continued Care Rx in an all cash deal for an undisclosed amount, Goldman Sachs reports. Continued Care Rx has locations in Florida, Illinois, Maryland, New Hampshire, New York, North Carolina, Pennsylvania and Virginia and as of June 30, 2010, generated revenues of $170M, according to Goldman. $0.02-$0.04 accretion in EPS estimates is expected throughout 2011/2012 and for 2010 estimates have remained unchanged. For 2011/2012, Goldman has raised its EPS estimates to $2.44/$2.71 (from $2.42/$2.67). Goldman remains Neutral and maintains its $24 price target. Omnicare, Inc. closed yesterday at $19.90.