September 29, 2010 (FinancialWire) — Chem Rx Corporation (OTC: CHRXQ), a long-term care pharmacy in the United States, said that it has reached a "stalking horse" asset purchase agreement to sell substantially all of the assets of the company to PharMerica Corp. (NYSE: PMC), a pharmaceutical services company serving residents in long-term facilities and settings.

According to Chem RX, the deal will allow PharMerica to expand into New York and New Jersey, where it currently does not have a presence.  Chem Rx said it will continue to maintain normal business operations throughout this process and thereafter.

Under thee deal, Chem Rx's founder Jerry Silva and management team will continue to be responsible for the day-to-day operations of Chem Rx. The company will also continue to operate under the Chem Rx name.

The sale, conducted pursuant to Section 363 of the U.S. Bankruptcy Code, will significantly eliminate the company's debt. 

New York-based Chem Rx serves the New York City metropolitan area, as well as parts of New Jersey, upstate New York, Pennsylvania and Florida. Chem Rx's client base includes skilled nursing facilities and a range of other long-term care facilities.  

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