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Quantum to Buy Florida's Factor Care : Medicine: The Orange company plans to exchange $6.2 million in stock for the firm specializing in home therapies and services for patients with hemophilia.

March 26, 1992|TED JOHNSON | SPECIAL TO THE TIMES

ORANGE — Quantum Health Resources Inc. said Wednesday that it intends to acquire Factor Care Plus Inc., a Tampa, Fla., company that specializes in home therapies and services for patients with hemophilia.

The Orange firm plans to acquire all outstanding shares of Factor Care Plus in exchange for 235,000 shares of its common stock, with a current value of about $6.2 million. The acquisition is expected to be completed early next month.

Quantum stock gained 50 cents Wednesday in over-the-counter trading, to close at $26.25 per share.

"We are in the process of rounding out our services," Quantum Chairman Douglas H. Stickney said.

The purpose of the acquisition "is kind of a combination of geographic and opportune reasons," he said.

When the acquisition is complete, Quantum will gain its first licensed pharmacy in northern Florida, Stickney said. Quantum also plans to open a pharmacy in Pompano Beach, Fla., within the next few months.

Factor Care had revenue of about $4 million in 1991. Its principal shareholder, Brian MacDonald, founded the company almost three years ago. Discussions about the company's acquisition began early this year.

The proposed acquisition "is very consistent with what they said they were going to do in the hemophilia service market," said Edmund E. Kroll, an analyst with Needham & Co. in New York. "It shows that management is consistent in their strategy."

In July, Quantum bought a slightly larger company, Comprehensive Home Services Inc., in a stock transaction valued at about $9.2 million. Stickney said the company anticipates making other acquisitions but only to "round out geographically" or to strengthen its presence in a market.

About 65% to 70% of Quantum's revenue comes from services to people with hemophilia, a hereditary disorder in which blood fails to clot, causing serious hemorrhaging from even minor cuts and injuries. The company has also adapted its programs to patients with chronic disorders needing long-term therapy.

Quantum, which went public in May, reported 1991 earnings of $5.5 million on sales of $76.9 million.

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