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Genesis Spins Off 246-Unit ElderCare Business

KENNETT SQUARE, PA-By separating its Baltimore-based NeighborCare institutional pharmacy business from its locally based ElderCare nursing home and assisted living empire, Genesis is poised to grow the pharmacy side of its business and entertain offers to sell off ElderCare.

By Marita Thomas | Updated on February 13, 2003

KENNETT SQUARE, PA-Locally based Genesis Health Ventures Inc. will separate into two companies: ElderCare, which currently operates 246 skilled nursing and assisted living facilities in 14 states, and NeighborCare, the country’s third largest institutional pharmacy, which operates 60 specialized pharmacies serving 250,000 long-term care beds in 33 states.

ElderCare will continue to be headquartered here. Nearly one-fifth of its facilities are in Pennsylvania. NeighborCare is, and will remain, based in Baltimore. Each entity currently represents about one half of Genesis’ current $2.6 billion in annual revenues.

Genesis emerged from bankruptcy in October 2001 and has $646 million in debt. Last year it strengthened its emphasis on the faster-growing pharmacy business. According to published reports, a half-dozen potential buyers are in the process of preparing bids to buy the ElderCare portion of Genesis.

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