Chem Rx Inks Deal with PharMerica
Partnering with Chem Rx will allow PharMerica to expand into New York and New Jersey, where it currently does not have a presence. Chem Rx will continue to maintain normal business operations throughout this process and thereafter.
As per the terms of the agreement, Chem Rx's founder Jerry Silva and management team, including Steve Silva, Gary Jacobs, Evan Selzer, Paula Agoglia, Jody Silva-Falk, Shelly Evans, Michael Segal and Leora Tilocca will continue to be responsible for the day-to-day operations of Chem Rx.
The company will also continue to operate under the Chem Rx name. The sale, conducted pursuant to Section 363 of the US Bankruptcy Code, will significantly eliminate the company's debt.
There will be no disruption of service or deliveries to Chem Rx's clients as a result of today's filing and subsequent auction proceedings. Clients will continue to receive drugs, medical equipment and surgical supplies according to the same ordering processes and delivery schedules.
As standard procedure in the process, Chem Rx will file the stalking horse asset purchase agreement with the US Bankruptcy Court for the District of Delaware along with a motion seeking the establishment of bidding procedures for an auction that allows other qualified bidders to submit higher or otherwise better offers.
The sale to PharMerica will include substantially all of Chem Rx's current assets, operations and employees.
Jerry Silva, CEO of Chem Rx, said: “We are excited about joining forces with PharMerica, which shares our commitment to providing clients with the drugs and supplies they need accurately and on time.
“This agreement will not only allow Chem Rx to continue serving our loyal customers in the same way we have for so many years, but also enable us to leverage the best technology available to ensure that we are at the forefront of long-term pharmacy care in the future. We believe that PharMerica is the best partner to take the company forward and we look forward to working with PharMerica throughout this process.”
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