BioScrip Acquires Northland Pharmacy; Expands Community Pharmacy Model.ELMSFORD, N.Y. & MINNEAPOLIS -- BioScrip, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BIOS) today announced that it has acquired Northland north·land also North·land n. A region in the north of a country or an area. north  land Medical Pharmacy ("Northland"), a community-based specialty pharmacy, located in Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. . Henry F. Blissenbach, BioScrip's President and Chief Executive Officer commented, "We are very excited to be able to add Northland to BioScrip's family of community-based specialty pharmacies. We are fortunate to partner with Northland and its founder, Jim DiCello, whose multi-specialty community pharmacy is consistent with and clearly complements BioScrip's expanding community model." As previously reported, one of BioScrip's key strategic initiatives involves the expansion of its community-based pharmacy model. Added Blissenbach, "Northland has successfully grown its business over time by expanding its capabilities and focus across an increasing number of specialty pharmacy therapy categories. Northland's success is representative of the opportunity we see to expand the number of therapies offered within our existing 30 community specialty pharmacies." The purchase price consists of approximately $12 million in cash, plus a potential earn-out payment contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent achieving certain future performance benchmarks. Northland currently generates approximately $25 million in annual revenue. BioScrip expects Northland to be accretive to earnings per share in calendar 2006. About BioScrip, Inc. BioScrip provides comprehensive pharmaceutical care solutions. We partner with healthcare payors, pharmaceutical manufacturers, government agencies, physicians, and patients to deliver cost effective programs that enhance the quality of patient life. We focus our products and services in two core areas: Specialty medication distribution and clinical management services, both nationally and community-based; and Pharmacy Benefit Management A Pharmacy Benefit Manager (PBM) is a third party administrator of prescription drug programs. They are primarily responsible for processing and paying prescription drug claims. services. Our specialty medication distribution capabilities include condition-specific clinical management programs tailored to improve the care of individuals with complex health conditions such as HIV/AIDS HIV/AIDS Human Immunodeficiency Virus/Acquired Immune Deficiency Syndrome , Cancer, Infusion IVIG IVIG Intravenous immunoglobulin, see there , Hepatitis C Hepatitis C Definition Hepatitis C is a form of liver inflammation that causes primarily a long-lasting (chronic) disease. Acute (newly developed) hepatitis C is rarely observed as the early disease is generally quite mild. , Rheumatoid Arthritis rheumatoid arthritis Chronic, progressive autoimmune disease causing connective-tissue inflammation, mostly in synovial joints. It can occur at any age, is more common in women, and has an unpredictable course. , Multiple Sclerosis, and Transplantation. Our complete pharmacy benefit management programs include customized benefit plan design, pharmacy network management and sophisticated reporting capabilities that deliver improved clinical and economic outcomes. In addition, we have 30 community pharmacy locations in 25 major metropolitan markets across the U.S., providing nationwide access and clinical management capabilities in a high-touch community-based environment. Forward Looking Statements This press release may contain statements which constitute forward looking statements within the meaning 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, including statements regarding the intent, belief or current expectations of the Company, its directors, or its officers with respect to the future operating performance of the Company and our success with respect to the integration and consolidation. 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 such differences are described in the Company's periodic filings with the Securities and Exchange Commission. |
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