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Standard Management tries failed deal again

May 1, 2007

A deal that fell through a year ago is back on the table for Standard Management Corp.

The Indianapolis company, which sells pharmaceuticals to nursing homes, said today it has agreed to buy In-House Pharmacies Inc. of San Diego—this time through its newly formed unit Universal Healthcare Co. LLC.

Terms were not disclosed today or during the first attempt in April 2006.

The San Diego pharmacy terminated its first agreement a month after the announcement because the deal had not closed by the agreed-upon date, and kept Standard Management’s $560,000 deposit.

At the time, Standard Management said it was negotiating a new deal, but additional details never emerged.

Standard Management formed Universal Healthcare in February to protect new investors from future losses. The company has struggled to implement a strategy of providing pharmaceuticals to the long-term care industry since 2002.

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