SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) May 10, 2012
OMNICARE, INC.
(Exact Name of Registrant as Specified in Charter)
DELAWARE |
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1-8269 |
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31-1001351 |
(State or Other Jurisdiction |
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(Commission File Number) |
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(IRS Employer |
900 Omnicare Center |
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45202 |
(Address of Principal Executive Offices) |
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(Zip Code) |
(859) 392-3300
(Registrants telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. |
Other Events. |
On May 10, 2012, Omnicare, Inc. (the Company) entered into a civil settlement agreement, without any admission of liability, with the United States Department of Justice relating to a previously disclosed investigation by the Drug Enforcement Administration. The civil settlement agreement relates to alleged errors and deficiencies in dispensing controlled substances at the Companys pharmacies. Pursuant to this civil settlement, the Company will pay the U.S. government $50 million, which amount has been fully reserved by the Company. The civil settlement contains no allegation or finding that any controlled substances were unlawfully diverted from the intended patient or that any patient was harmed. The press release issued by the Company in connection with the settlement is included as Exhibit 99.1 to this report and is incorporated by reference into this Item 8.01.
Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits
99.1 Press Release dated May 11, 2012.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Omnicare, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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OMNICARE, INC. | |
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By: |
/s/Alexander M. Kayne |
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Name: |
Alexander M. Kayne |
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Title: |
Senior Vice President, General Counsel and Secretary |
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Dated: May 11, 2012 |
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Exhibit 99.1
news release
Omnicare Announces Agreement with DEA
Settlement amount fully reserved and previously disclosed
CINCINNATI, May 11, 2012 Omnicare, Inc. (NYSE:OCR) today announced a civil settlement with the United States Department of Justice relating to a previously-disclosed investigation by the Drug Enforcement Administration (DEA) of alleged errors and deficiencies in dispensing controlled substances by certain Omnicare pharmacies.
Pursuant to this civil settlement, Omnicare will pay the government $50 million. The settlement releases Omnicares wholly-owned and joint venture long-term care pharmacies from all civil penalty claims by the DEA related to the subject matter of the investigation. The settlement announced today has been fully reserved. The settlement contains no allegation or finding that any controlled substances were unlawfully diverted from the intended patient or that any patient was harmed.
While DEA regulations specifically address retail and hospital pharmacy operations, long-term pharmacies have historically operated in a less defined middle ground, dispensing controlled substances on instructions from long-term care facility staff after the staffs consultation with the ordering authorized prescriber. This civil settlement makes it clear that DEA interprets its regulations to require the ordering authorized prescriber to either sign an order containing all of the elements of a valid prescription prior to dispensing, or in limited emergency circumstances for Schedule II controlled substances to speak directly with the pharmacy prior to dispensing. Further, while DEA has approved Omnicares use of a reminder letter containing a blank prescription template for emergency and expiring orders, long-term care pharmacies are prohibited from providing the authorized prescriber a template prescription that has been filled out in whole or in part by the pharmacy.
Omnicare is committed to compliance with the laws and regulations enforced by the DEA, said John Figueroa, Omnicares Chief Executive Officer. We believe this settlement provides long-term care pharmacies, long-term care facilities and prescribers with clear direction regarding the procedures that must be followed when dispensing controlled substances.
We understand and accept the DEAs efforts to ensure appropriate procedures are followed during the dispensing of controlled substances. While requiring authorized prescribers to communicate directly with the pharmacy can potentially cause delay, we have committed ourselves to shortening the time in which nursing home residents receive required medication. Through a new enhancement to our prescriber product,
OmniviewDr, we have developed what we believe is the first electronic prescribing application for controlled substances for the institutional market. We believe this offering, which also transmits electronic prescription orders for other non-controlled drugs, will significantly improve the quality of care for our nations most vulnerable patient population while ensuring adherence to DEA regulatory interpretations, concluded Figueroa.
About Omnicare
Omnicare, Inc., a Fortune 400 company based in Covington, Kentucky, provides comprehensive pharmaceutical services to patients and providers across North America. As the market-leader in professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other chronic care institutions, Omnicare leverages its unparalleled clinical insight into the geriatric market along with some of the industrys most innovative technological capabilities to the benefit of its long-term care customers. Omnicare also provides key commercialization services for the bio-pharmaceutical industry and end-of-life disease management through its Specialty Care Group. For more information, visit www.omnicare.com.
Forward-looking Statements
In addition to historical information, this report contains certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, all statements regarding the intent, belief or current expectations regarding the matters discussed or incorporated by reference in this document (including statements as to beliefs, expectations, anticipations, intentions or similar words) and all statements which are not statements of historical fact. Such forward-looking statements, together with other statements that are not historical, are based on managements current expectations and involve known and unknown risks, uncertainties, contingencies and other factors that could cause results, performance or achievements to differ materially from those stated. The most significant of these risks and uncertainties are described in the Companys Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, the Companys actual results, performance or achievements could differ materially from those expressed in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as otherwise required by law, the Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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Contact:
Media:
Tim Canning
(859) 392-7444
tim.canning@omnicare.com
Investors:
Patrick C. Lee
(859) 392-3444
patrick.lee@omnicare.com
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