Home Economy Economic Activity Bankruptcy judge approves sale of CVS Health subsidiary Omnicare to GenieRX

Bankruptcy judge approves sale of CVS Health subsidiary Omnicare to GenieRX

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PBN Staff

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05/14/2026

CVS Health Corp. — A TEXAS BANKRUPTCY judge has approved the sale of CVS Health Corp.’s subsidiary Omnicare Inc. to GenieRX Holdings LLC for $250 million.

PAWTUCKET – A Texas bankruptcy judge has approved the sale of CVS Health Corp.’s subsidiary Omnicare Inc. to GenieRX Holdings LLC for $250 million. The all-cash deal is expected to close later this year subject to regulatory approval. “Today’s approval marks an important milestone. We are entering this next phase with clarity on what matters most: delivering

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PAWTUCKET – A Texas bankruptcy judge has approved the sale of CVS Health Corp.’s subsidiary Omnicare Inc. to GenieRX Holdings LLC for $250 million. The all-cash deal is expected to close later this year subject to regulatory approval. “Today’s approval marks an important milestone. We are entering this next phase with clarity on what matters most: delivering reliable pharmacy services, maintaining safe and clinically appropriate care, and being transparent and fair in how we operate,” said David Azzolina, president of Omnicare. “Our teams continue to show a deep commitment to our customers, and I am grateful for the work they do every day to support residents in skilled nursing and assisted living settings.” CVS Health acquired Omnicare, a provider of pharmacy services to long-term-care facilities, for more than $12 billion in 2015. In September, Omnicare filed for Chapter 11 bankruptcy protection two months after the long-term-care business was ordered to pay $949 million when a federal court found it liable for filing fraudulent claims for some prescription drugs. The Cincinnati company said that the bankruptcy filing would help it resolve issues related to the recent court ruling. Omnicare said that it was also using the process to address other financial challenges facing the broader long-term-care pharmacy industry and to evaluate its restructuring options. CVS Health had been exploring strategic options for Omnicare as booked write-downs for the struggling business. A write-down is an accounting action that reduces the recorded value of an asset on a balance sheet because its fair market value has fallen below its carrying, or book, value. In 2019, the federal government joined the legal fight against CVS Health that accused the Omnicare business of routinely filling prescriptions that had expired or run out of refills. The Department of Justice said that Omnicare’s pharmacies sent drugs to people living in residential facilities based on “stale, invalid prescriptions.” It accused the company of fraudulently billing government-funded programs like Medicaid and Medicare for drugs dispensed without a valid prescription from 2010 to 2018. CVS Health said at the time that the claims had no merit. Azzolina said in a prepared statement in September that the lawsuit didn’t include any allegations of harm to any Omnicare patients and that the government didn’t allege that any patient got anything other than the medicine they needed when they needed it. GenieRx is a partnership between private investment firm Milrose Capital and healthcare investment ⁠and management firm Integro Asset Management, which does business as Integro Healthcare Services. “GenieRx’s investment in Omnicare is a testament to the strength of their platform and their impressive employee culture and commitment to putting patients and customers first,” said Rowan Farber, CEO of Integro Healthcare Services. “We admire the trust Omnicare has earned with its customers over decades of serving skilled nursing and assisted living partners, and we look forward to working collaboratively with their team to continue building on that strong foundation and legacy. Together, we share a commitment to delivering reliable service, clinical expertise, and continuity of care to the patients and communities who depend on it most.” Material from The Associated Press was used in this report.