Full Press Release Details
BioScrip Completes Acquisition of Home
DENVER, September 9, 2016 -- BioScrip, Inc. (NASDAQ:BIOS) ("BioScrip"
or the "Company"), a leading national provider of infusion and home care management solutions, today announced that it
has completed the acquisition of HS Infusion Holdings, Inc. ("Home Solutions"), enhancing its position as a leading provider
of home infusion services.
The combination of BioScrip and Home Solutions brings together
two highly complementary infusion services with an enhanced focus on higher margin, core infusion therapies. As a combined company,
BioScrip expects to generate over $1 billion in annual revenue for the fiscal year ending December 31, 2017. The transaction is
expected to be accretive to BioScrip's financial results and is estimated to generate $14-17 million of synergies in approximately
12-18 months following the closing. The additional financial contribution from Home Solutions, including anticipated synergies,
is anticipated to strengthen BioScrip's balance sheet and leverage profile, improve BioScrip's strategic flexibility and
competitive positioning and realign the Company as a growth platform in the attractive post-acute care segment.
Effective with the completion of the transaction, Daniel Greenleaf
is serving as President and Chief Executive Officer of BioScrip and a member of the Company's Board of Directors, and Rick
Smith, who has served as BioScrip's Chief Executive Officer, now serves as Vice Chairman of the Board of Directors.
"We are pleased to complete this compelling combination
and are moving forward as one company with an enhanced focus on core infusion services," said Mr. Greenleaf. "We are
committed to our mission to provide national reach and local care, and look forward to realizing the meaningful benefits this transaction
provides for our employees, customers and patients. We are confident in our integration plans and our commitment to achieving the
expected synergies and financial targets. Overall, we are well-positioned to continue to be a leading infusion company in the attractive
post-acute segment. I am honored to lead our combined team of talented employees and look forward to working to advance BioScrip's
growth, create value and drive further success."
As previously announced on September 2, 2016, BioScrip and Home
Solutions will seek BioScrip stockholder approval to increase BioScrip's authorized share capital to allow the company to
issue certain contingent purchase considerations, if earned. BioScrip will announce a date for the Special Meeting of Stockholders
BioScrip, Inc. is a leading national provider of infusion and
home care management solutions. BioScrip partners with physicians, hospital systems, skilled nursing facilities, healthcare payors,
and pharmaceutical manufacturers to provide patients access to post-acute care services. BioScrip operates with a commitment to
bring customer-focused pharmacy and related healthcare infusion therapy services into the home or alternate-site setting. By collaborating
with the full spectrum of healthcare professionals and the patient, BioScrip provides cost-effective care that is driven by clinical
excellence, customer service, and values that promote positive outcomes and an enhanced quality of life for those it serves.
Forward-Looking Statements - Safe Harbor
This press release includes statements that may constitute "forward-looking
statements," that involve substantial risks and uncertainties. These statements are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate
strictly to historical or current facts. In some cases, forward-looking statements can be identified by words such as "may,"
"should," "could," "anticipate," "estimate," "expect," "project," "outlook,"
"aim," "intend," "plan," "believe," "predict," "potential," "continue"
or comparable terms. Because such statements inherently involve risks and uncertainties, actual future results may differ materially
from those expressed or implied by such forward-looking statements. Investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from
those in the forward-looking statements as a result of various factors. Important factors that could cause or contribute to such
differences include but are not limited to risks associated with: the Company's ability to integrate the acquisition of Home Solutions,
the Company's ability to grow its core Infusion revenues, the Company's ability to continue to experience positive results from
its financial improvement plan to reduce operating costs; reductions in federal, state and commercial reimbursement for the Company's
products and services; increased government regulation related to the health care and insurance industries; as well as the risks
described in the Company's periodic filings with the Securities and Exchange Commission. The Company does not undertake any duty
to update these forward-looking statements after the date hereof, even though the Company's situation may change in the future.
All of the forward-looking statements herein are qualified by these cautionary statements.
For Further Information:
BioScrip Chief Financial Officer