Retail News Breaks Archives
Graymark closes ApothecaryRx sale to Walgreens
December 7th, 2010
OKLAHOMA CITY – Graymark Healthcare Inc. has completed its agreement to sell its ApothecaryRx retail pharmacy business to Walgreen Co.
Announced in September, the deal with Walgreens involves substantially all of the assets of ApothecaryRx for $25.5 million, plus approximately $3.8 million for inventory. ApothecaryRx operated 18 pharmacies in Colorado, Oklahoma, Minnesota, Missouri and Illinois.
Graymark said Tuesday that it expects to realize net proceeds of about $33 million from the completed divestiture, including collection of retained accounts receivable, and proceeds from the liquidation of remaining ApothecaryRx assets.
According to Graymark, the transaction allows it to focus on its core business of providing comprehensive care for sleep disorders, primarily obstructive sleep apnea, including diagnosis, therapy, and ongoing clinical and product support.
"Millions of Americans suffer from obstructive sleep apnea, and many aren't aware they have a problem or that treatment is available in their communities," stated Stanton Nelson, chairman and chief executive officer of Graymark. "As a pure-play sleep disorders company focused primarily on obstructive sleep apnea, we believe Graymark is better able to help people sleep better."
Graymark launched the nation's first comprehensive care model for patients with obstructive sleep apnea in 2009 and has grown into one of the nation's largest aggregators of sleep therapy providers.
"Given our substantially improved balance sheet as a result of this sale, we are ideally positioned to execute on our plans to grow through the acquisition of treatment centers, as well as through developing alliances with hospitals and other health care providers," added Nelson. "The rapidly growing sleep apnea marketplace offers us an opportunity for significant growth and margin expansion."