Acquisitions: Graymark To Sell Pharmacy Unit To Walgreen

September 3, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Graymark Healthcare, Inc. (NASDAQ: GRMH) said it has signed a definitive agreement under which Walgreen Co. (NYSE: WAG) will acquire substantially all of the assets of ApothecaryRx, the independent pharmacy division of Graymark Healthcare.

Graymark said it expects to realize a total enterprise sale value of approximately $35 million including retained AR, expenses and proceeds from the liquidation of remaining ApothecaryRx assets.

The transaction is subject to customary regulatory conditions and would include all 18 ApothecaryRx stores located in five states. The parties anticipate that the transaction will close in the fourth quarter of calendar year 2010.

Stanton Nelson, chairman and CEO of Graymark, said that the divestiture will allow his firm to put full focus on its sleep apnea business and to continue to grow that segment both organically and through acquisitions.

ApothecaryRx was founded in 2006 and purchased large independent retail pharmacies.

In 2009 Graymark Healthcare launched a comprehensive care model for the diagnosis, treatment and continued support of patients with obstructive sleep apnea.

Oklahoma-based Graymark Healthcare offers diagnostic services through its owned centers as well as through management agreements with hospitals, clinics and other care sites including patients' homes.

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