On Thursday, CVS (NYSE: CVS) bought Omnicare (NYSE: OCR) for $12.7 billion to expand the company's senior care sector. Omnicare is the largest pharmaceutical provider to senior centers across the country. With the growing retirement rate of Baby Boomers, this sector of the pharmaceutical industry is only going to grow. According to USA Today, CVS buying Omnicare will help both companies adding huge sums of money to CVS because of the growth in senior care that will happen in the years to come. Already CVS stock rose 1% and Omnicare stock rose 5.6%. "The acquisition of Omnicare significantly expands our business, providing CVS Health access into a new pharmacy dispensing channel," Larry Merlo,CVS Health CEO, said in a statement. For more merger news, click here.