AdvancePCS and Priority Healthcare Announce Restructuring of Agreement.Business Editors/Health/Medical Writers IRVING, Texas Irving (pronounced 'er-ving') is a city located in the U.S. state of Texas within Dallas County. According to the 2000 U.S. Census, the city population was 191,615; the 2006 estimate was 201,927 according to the North Central Texas Council of Governments, and 196,084 according to & LAKE MARY Lake Mary may refer to:
AdvancePCS (Nasdaq: ADVP), the nation's leading health improvement company, and Priority Healthcare Corp. (Nasdaq: PHCC PHCC Patrick Henry Community College PHCC Pasco Hernando Community College PHCC Plumbing-Heating-Cooling Contractors Association PHCC Peter Haines Compliance Consultancy Ltd (UK) PHCC Primary Heat-Exchanger Cold Corner ), a national specialty pharmacy and distribution company, today announced a restructuring of their specialty pharmacy joint venture, AdvancePriority SpecialtyRx. As part of the restructuring, AdvancePCS has acquired the remaining 49 percent minority interest of the joint venture from Priority Healthcare. The companies also have developed a new service agreement under which Priority Healthcare will continue to provide select specialty pharmacy therapies to patients of AdvancePCS SpecialtyRx. Terms of the transaction were not disclosed; however, neither company is changing guidance to existing earnings estimates due to the restructuring. The joint venture was formed in 2001. "AdvancePCS has been pleased with the evolution of the joint venture to date," said David D. Halbert, AdvancePCS chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Taking into consideration our long-term strategic objectives, this is a natural next step in the evolution of our relationship with Priority Healthcare." The joint venture pharmacy, located in Lake Mary, Fla., will continue to serve AdvancePCS clients and members through a transition period during which AdvancePCS will relocate operations to its specialty pharmacy in Richardson, Texas Richardson is a suburb in Dallas County and Collin County, Texas. As of the 2000 census, the city had a total population of 91,803, while according to a 2006 estimate, the population had grown to 99,200. . Priority Healthcare will service the new agreement from its Lake Mary, Fla., and Byfield, Mass., specialty pharmacy facilities. "The restructuring and new agreement with AdvancePCS are in the best interests of the long-term goals Long-term goals Financial goals expected to be accomplished in five years or longer. and strategies of both companies," said Steve Cosler, president and CEO of Priority Healthcare. "We are excited about our new agreement with AdvancePCS and believe it represents an excellent opportunity for us." Upon completion of the proposed transaction and transition, AdvancePCS SpecialtyRx will dispense dispense /dis·pense/ (-pens´) to prepare medicines for and distribute them to their users. dis·pense v. To prepare and give out medicines. specialty pharmaceuticals from its wholly owned facilities in Richardson, Texas, Bethesda, Md., and Dalton, Ga. The operations of TheraCom, the specialty pharmacy company acquired by AdvancePCS in 2001, will not be impacted by this transaction. About Priority Healthcare Corp. Priority Healthcare Corp. is a national specialty pharmacy and distributor that provides biopharmaceuticals, complex therapies and related disease treatment programs and services. About AdvancePCS AdvancePCS is the nation's largest independent provider of health improvement services, touching the lives of more than 75 million health plan members and managing approximately $28 billion in annual prescription drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, spending. AdvancePCS offers health plans a wide range of health improvement products and services designed to improve the quality of care delivered to health plan members and manage costs. AdvancePCS is ranked by Fortune magazine as one of America's 100 fastest-growing public companies and is included on the Forbes Platinum 400 list of best big companies. AdvancePCS earned the No. 2 spot on the Barron's 500 list of best performing companies. AdvancePCS is both a Fortune 500 and Fortune Global 500 company. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Any statements included in this press release that are not historical facts and that concern predictions of economic performance and management's plans and objectives constitute forward-looking statements under the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. We do not undertake any obligation to provide updates to such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, changes in the health care industry or the economy in general, competition, acquisitions, changes in the legislative or regulatory environment, and other factors detailed in AdvancePCS' Securities and Exchange Commission filings. |
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