Capstone completes Symphony purchase

Maryland Watch

August 01, 1996

Capstone Pharmacy Services of Baltimore yesterday completed the $150 million purchase of Symphony Pharmacy Services, the long-term-care pharmacy division of Integrated Health Services of Owings Mills.

The deal had been announced five weeks ago. For Integrated, it allows the company to concentrate on its long-term-care business. It is expected to provide cash to make acquisitions in areas such as home health care.

For Capstone, it vastly expands the business, which provides pharmacy services to prisons and to nursing homes and other long-term-care facilities.

"The acquisition of Symphony doubles our annualized revenue, doubles our patient base and increases the number of pharmacies we maintain from nine to 35," Allan Silber, chairman of Capstone, said yesterday.

Capstone will reach six more states, for a total of 13, he said. "This acquisition brings us closer to becoming a nationwide provider of prescription medicine to long-term-care institutions."

Capstone stock yesterday closed at $10.56 1/4 a share, up 43.75 cents. Integrated stock closed at $22.25 a share, up 25 cents.

Pub Date: 8/01/96

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