Chem Rx acquired by Paramount

By Lisa Kerner

Charlotte, N.C., Oct. 26 - Paramount Acquisition Corp. completed its acquisition of B.J.K. Inc., a corporation doing business as Chem Rx Corp., under the companies' June 1 stock purchase agreement.

It was previously reported that Paramount would acquire all of the outstanding capital stock of Chem Rx for $133 million in cash and would issue 2.5 million shares of Paramount common stock to the selling shareholders.

In addition, Chem Rx principal stockholders Jerry Silva, the company's chief executive officer, and Steven Silva, chief operating officer of Chem Rx, entered into put option agreements with certain institutional investors.

Chem Rx is a Long Beach, N.Y.-based long-term care pharmacy. Paramount Acquisition is a New York-based special-purpose acquisition corporation.

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