Financial terms of the transaction weren’t disclosed. Genoa said the agreement, expected to close by early next month, includes 13 Advanced Care behavioral health pharmacies in Michigan.
The acquisition will increase Genoa’s pharmacy count to 24 in Michigan and to more than 325 nationally, most of which are located inside community mental health centers. The companies said the combination joins two organizations focused on providing a high level of service to patients in the behavioral health and addiction treatment communities.
“The addition of the Advanced Care behavioral health pharmacies to Genoa brings together two providers of behavioral health pharmacy services into one organization committed to a common mission of serving those with mental illnesses and addictions,” Genoa chief executive officer John Figueroa said in a statement. “We believe, as an expanded company, we will be able to better serve consumers and our partner mental health centers. We look forward to sharing best practices and building on our foundation to produce an even higher level of quality and care for the individuals we serve.”
Specializing in behavioral health, Genoa provides pharmacy and telepsychiatry services to more than 500,000 people annually in 44 states and the District of Columbia and fills over 10 million prescriptions annually.
“The Advanced Care acquisition allows Genoa to expand our reach to help more of the over 40 million Americans with mental illness,” Figueroa added.
Shelby Township, Mich.-based Advanced Care offers retail, clinical, infusion, compounding and specialty pharmacy services and behavioral health and residential care through its network of retail and institutional pharmacies, durable medical equipment and supply outlets, and specialty drug, compounding and infusion pharmacy entities.
“Our decision to partner with Genoa makes sense on a number of levels,” stated Advanced Care chief executive officer Grant Brown. “Our models of care, services and values are aligned, and we believe this is an ideal way to continue providing the absolute highest level of care for thousands of people in Michigan living with mental illness.”
Advanced Care president and chief operating officer Bill Drake commented, “Our clients were served by the largest pharmacy provider for behavioral health in Michigan. Now they are being served by the largest in the country.”
The Advanced Care pharmacies being acquired by Genoa are located in Detroit (two locations), Flint, Jackson, Lansing, Lapeer, Port Huron, Saginaw, Shelby Township, Southfield, Southgate, Warren and Waterford, Mich.