CVS unit Omnicare wins court approval for $250 million sale to GenieRx

By Siddhi Mahatole

May 13 (Reuters) – Omnicare, a unit of health insurer CVS Health, said on Wednesday a U.S. bankruptcy court had approved the sale of its business to GenieRx Holdings in a deal valued at about $250 million, according to court filings.

Here are some details:

• The bid includes $250 million in cash as well as the assumption of certain payroll and other liabilities, according to court filings.

• The transaction is expected to close later this year, subject to regulatory approvals and customary conditions.

• Omnicare, a pharmacy services provider to the long-term care market and serving an aging population across the United States, said it will continue to operate as usual until the deal closes.

• The company said the sale would help strengthen operations and support continued delivery of reliable services, with a focus on clinical care and pricing transparency.

• In September, Omnicare had filed for bankruptcy to resolve issues stemming from litigation in the U.S. District Court for the Southern District of New York.

• GenieRx is a partnership between private investment firm Milrose Capital and healthcare investment and management firm Integro Asset Management.

• Jenner & Block LLP and Haynes Boone are serving as legal counsel, Houlihan Lokey is serving as investment banker and Alvarez & Marsal is serving as restructuring advisor to Omnicare.

(Reporting by Siddhi Mahatole in Bengaluru; Editing by Shailesh Kuber and Diti Pujara)