CVS is buying the pharmacy benefits provider Omnicare in a deal valued estimated at $12.7 billion.
The move is aimed at expanding its research into assisted-living and senior-care facilities. The planned deal comes at a good time for Omnicare. The Cincinnati-based company reported net sales of $1.7 billion in the quarter ended March 31, a 5.7% increase over the previous year’s quarter. CVS Health Corp saw an 18.2% increase in revenue of its pharmacy service segment during the three months ended March 31, 2015. The planned deal is expected to close near the end of 2015.