CHEMRX Takes Next Step Towards National Expansion

Long Beach, NY - CHEMRX, a long-term care pharmacy, has taken the next step in a national expansion and growth strategy designed to substantially increase the company's service area and revenues. This week CHEMRX acquired Salerno's Pharmacy in eastern Pennsylvania. This will enable CHEMRX to enter the large Pennsylvania market and expand upon the 2,500 beds that Salerno's currently serves in long term care facilities. This acquisition brings CHEMRX's current bed count to more than 60,000.

CHEMRX is also exploring other pharmacy acquisitions throughout the United States, and potential opportunities include facilities in the Midwest, Northeast and south to Florida. While CHEMRX will seek ownership positions through these acquisitions, the critical ingredient in its business strategy is the retention of a portion of ownership by each original owner. Ben Salerno, founder of Salerno's Pharmacy will retain an ownership position of CHEMRX-Salerno's.

"Healthcare is a local business," said Jerry Silva, CHEMRX Founder and Chief Executive Officer. "Therefore, ensuring that there is local ownership in place to maintain community connections and relationships is vital to the long term viability of the business."

"Having CHEMRX as an owner and partner will help us to enhance the service to our long term care facilities, while also providing us a solid platform and new operational efficiencies from which to grow our customer base," said Ben Salerno.

Barry Schepp, who joined CHEMRX in November as Vice President of Business Development, is leading the company's acquisition program. Steve Silva, COO, anticipates that CHEMRX will grow organically and through acquisition to include 85,000 beds by year end.

SOURCE: CHEMRX