PharMerica Signs Five Year Contract With Beverly Enterprises

08-May-2001

PharMerica, a Bergen Brunswig subsidiary (NYSE:BBC), and leading provider of pharmacy products and services to the long-term care industry, today announced a five-year, $1.05 billion agreement with Beverly Enterprises (NYSE:BEV), the nation's largest nursing home chain, which operates over 500 skilled nursing facilities nationwide. The contract extends through March of 2006 and presents an opportunity for both parties to continue the agreement for an additional five years. Using its nationwide network of long-term care pharmacies and common operating platform, PharMerica will provide medications, consulting, infusion therapy, and other complementary services to Beverly facilities across the country. With more than 500 skilled nursing care facilities around the nation, Beverly provides exceptional post-acute healthcare services to some 70,000 individuals daily. "We are pleased to continue our relationship with one of the country's most prestigious providers of long-term care," said Charles J. Carpenter, PharMerica President and CEO. "PharMerica and Beverly have an excellent relationship built on a solid foundation of trust and respect. This agreement further demonstrates our joint commitment to improve service and outcomes by removing costs from the system, while elevating the quality of care for each of Beverly's residents." Bobby Stephens, Executive Vice President of Beverly Enterprises, stated, "PharMerica has been, and will continue to be, our partner in every sense of the word. Working together, this partnership creates value by helping Beverly execute its vision of providing our residents with the best healthcare available." Beverly Enterprises and its operating subsidiaries comprise a leading provider of healthcare services to the elderly in the United States. They operate 528 skilled nursing facilities (including 50 facilities in Florida), as well as 34 assisted living centers (4 centers in Florida), 58 home care and hospice agencies and 163 outpatient therapy clinics. Through Aegis Therapies, they also offer rehabilitative services on a contract basis to other providers' nursing homes. With more than 20 years of experience providing quality pharmacy products and services and consulting to the long-term care, skilled nursing, assisted living and subacute care industries, PharMerica serves over 300,000 residents nationwide. In addition, PharMerica serves the needs of over 177,000 workers' compensation patients and the chronically ILL through its PMSI division, a full-service mail order pharmacy specializing in the home delivery of medications, medical equipment, supplies and services.

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