Walgreen Co. (NYSE: WAG) (NASDAQ: WAG) today announced that it has completed its acquisition of certain assets of BioScrip, Inc.'s (NASDAQ: BIOS) community specialty pharmacies and centralized specialty and mail service pharmacy businesses.
“We welcome the BioScrip leaders and employees involved in the transaction to the Walgreens family”
The transaction represents a total deal value of approximately $225 million. Taking into account events that occurred between signing and closing of the transaction, up to an additional $16 million in purchase price may be payable based on events related directly or indirectly to Walgreens retention after the closing of certain business included in the transferred businesses. The acquisition fits the company's "Well at Walgreens" strategy as it advances community pharmacy and brings additional specialty pharmacy products and services closer to patients. The acquisition also will help grow Walgreens centralized specialty and mail service pharmacy operations.
"We welcome the BioScrip leaders and employees involved in the transaction to the Walgreens family," said Walgreens President of Pharmacy, Health and Wellness Kermit Crawford. "BioScrip's clinically focused community specialty pharmacies and access to additional limited distribution drug therapies, combined with Walgreens existing nationwide network of retail and health system pharmacies, creates a strong network of support for our core drugstore business to provide specialty pharmacy solutions to our patients. This acquisition also significantly expands our nationwide reach to an additional half-million patients with chronic and complex health conditions."
The acquired community specialty pharmacy business includes a national network with 30 locations in 16 states across the U.S. and the District of Columbia, primarily serving HIV, oncology and transplant patients. Walgreens also acquired certain assets of BioScrip's centralized specialty pharmacy business and traditional mail service pharmacy business that dispenses prescriptions for, among others, drugstore.com, which was acquired by Walgreens in June 2011.
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