Omnicare, Walgreen exchange units

Omnicare Inc. and Walgreen Co. Friday announced a transaction in which Omnicare will acquire substantially all of the assets of Walgreens' long-term care pharmacy business.

In exchange, Walgreens will acquire substantially all of the assets of Omnicare's home infusion business. Closing of the transaction, which is subject to regulatory approvals and other conditions, is expected before Nov. 15. Financial terms were not disclosed. Walgreens intends to acquire substantially all of the assets of Omnicare's six home infusion locations in Maryland, Nevada, Virginia, Pennsylvania and California, one compounding pharmacy location in Nevada and one home care management location in Maryland.

Omnicare intends to acquire all of Walgreens long-term care pharmacy locations in Colorado, Texas, Florida, Georgia and Maryland.