Omnicare acquires RxCrossroads; sets sights on NeighborCare

Covington-based Omnicare, a provider of pharmaceuticals and other services to elderly care facilities, has acquired drug services provider RX Crossroads and increased its offer to purchase rival NeighborCare.

Shares of Omnicare rose a dollar,70, or 3-point-9 percent, to 45 dollars in afternoon trading on the New York Stock Exchange, surpassing the previous 52-week high of 43 dollars, 95 cents. Shares of NeighborCare rose 81 cents, or 2-point-4 percent, to 34 dollars, 31 cents on the Nasdaq Stock Market. Covington-based Omnicare will pay 235million dollars to acquire RX Crossroads.

The Louisville-based RX Crossroads provides distribution, product support and mail order services for drug makers and biotechnology companies. The purchase is expected to close in the third quarter.