Woonsocket, Rhode Island — The largest long-term care pharmacy in the country just took a big step toward a new owner. CVS Health announced Wednesday that the sale of its Omnicare subsidiary to GenieRx Holdings LLC has been approved, clearing a critical hurdle in a Chapter 11 process that began last fall.
The deal got the green light from the U.S. Bankruptcy Court for the Northern District of Texas. It’s expected to close later this year, pending regulatory approvals and the usual closing conditions.
For nursing home and assisted living operators, the news matters. Omnicare serves facilities in 47 states and fills prescriptions for hundreds of thousands of residents who rely on long-term care pharmacy services that can’t be replicated by a corner drugstore.
A Messy Bankruptcy, Now Resolved
Omnicare entered Chapter 11 in September 2025, weighed down by liabilities reported in court filings as somewhere between $1 billion and $10 billion. Its assets, by comparison, ranged from $100 million to $500 million — a gap that made restructuring all but inevitable. Industry reports at the time flagged the bankruptcy as one of the most consequential events in the long-term care supply chain, given how many operators depend on Omnicare’s specialized delivery and clinical pharmacy services.
CVS, which had owned Omnicare since 2015, signaled early on that it wanted out. The company had been writing down the unit’s value for years, and selling to a buyer with deeper roots in long-term care made strategic sense.
Who’s Buying It
GenieRx is a partnership between Milrose Capital LLC and Integro Healthcare Services. Both firms have ties to the post-acute and senior care space, and they’ve pitched the acquisition as a chance to refocus Omnicare on the operators it serves.
“Today’s approval marks an important milestone,” David Azzolina, president of Omnicare, said in a press release. “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.”
Rowan Farber, CEO of Integro Healthcare Services, said the investment reflects confidence in Omnicare’s platform and its relationships with skilled nursing and assisted living providers. He framed the deal around continuity — keeping medications flowing to residents who can’t afford a disruption.
What Operators Should Watch
Until the deal closes, Omnicare says its priorities won’t shift. The company plans to keep supporting higher-acuity residents, improve its billing and delivery processes, and maintain a compliance-focused approach. Under new ownership, executives have outlined plans to tighten clinical alignment, work more closely with provider partners, and lean into data-driven services.
For nursing home administrators, the question now is whether the transition delivers on those promises — or whether a bankruptcy hangover, regulatory delays, or supply chain pressures keep the company looking inward instead of outward. Operators who were burned by past Omnicare billing issues will be watching the next few months closely.
Source: Skilled Nursing News
