Pharmacy Associates of Little Rock Acquired by New York Company

National Medical Health Card Systems Inc. of Port Washington, N.Y., has completed its previously-announced acquisition of Pharmacy Associates Inc. of Little Rock.

Under terms of the merger agreement, stockholders of PAI received an aggregate of $6 million in cash and 400,000 shares of NMHC common stock. PAI shareholders may also receive additional consideration of approximately $2 million payable in a combination of cash and common stock of NMHC during a two-year period if certain financial targets are met. PAI will operate as a subsidiary of NMHC.

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