January 29, 1998
MIM Corp. to Acquire Continental Pharmacy
Pharmacy benefit management organization MIM Corp., Pearl River, NY, announced Jan. 28 that it has entered into a definitive agreement to acquire Continental Managed Pharmacy Services, Cleveland, for 3.8 million shares of MIM common stock. Continental's gross operating profit was $8 million on revenues totaling $48.7 million in 1997. The transaction will let MIM expand into the mail-order, drug distribution and physician services businesses. Continental targets small corporations and individuals afflicted with particular diseases such as diabetes and AIDS that require medication on a more frequent basis than the average patient. The transaction is expected to be accounted for as a pooling of interests under applicable accounting principles.