U.S. Clears Bergen Brunswig for Acquisition

Bergen Brunswig Corp., the third-largest U.S. drug wholesaler, said Friday it received U.S. antitrust approval for its purchase of PharMerica Inc., which supplies drugs to nursing home patients. Orange-based Bergen said the Federal Trade Commission terminated the waiting period early for the purchase, which was announced earlier this month. Bergen said shareholders still need to vote on the purchase of Tampa, Fla.-based PharMerica. When the transaction was announced, Bergen said it would issue 25 million shares, exchanging 0.275 of a share for every PharMerica share. It will also assume $580 million in debt. Bergen will add 168 pharmacy departments that PharMerica runs in long-term care facilities. PharMerica, the second-largest supplier of pharmacy services to nursing homes, struggled with integrating its own acquisitions and had missed analyst earnings expectations for two consecutive quarters. The FTC decision was disclosed after the U.S. markets closed. Bergen’s stock fell $1.13 to $28 a share, while PharMerica shares fell 16 cents to $7.25.