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ALLSCRIPS ANNOUNCES PURCHASE OF ISP REPACKAGING BUSINESS

       ALLSCRIPS ANNOUNCES PURCHASE OF ISP REPACKAGING BUSINESS
    VERNON HILLS, Ill., Dec. 3 /PRNewswire/ -- Allscrips Pharmaceuticals, Inc., announced today it has completed the purchase of certain assets of the pharmaceutical repackaging business of ISP, Inc., a privately held corporation based in Southern California.  More than 10 years ago, ISP pioneered the pharmaceutical repackaging business.  Terms of the sale were not disclosed.
    Allscrips is the industry leader in supplying to physicians, clinics and other healthcare sites the highest quality brand name and generic pharmaceuticals in prescription-size packages.  In addition, Allscrips provides mail service pharmacy through a management agreement signed on July 1, 1991 with Mailscripts, Inc. Allscrips will have estimated annual sales in excess of $50 million as a result of the conversion of customer accounts acquired from ISP.
    "By providing patients with their prescript costs," said Bruce A. Hazuka, chairman, president and chief executive officer of Allscrips. "Allscrips' purchase of the repackaging business of ISP continues to position the company favorably to meet the needs of physicians, urgent care clinics, and managed care organizations to provide their patients with high quality, cost-effective care and reduce spiraling pharmaceutical costs."
    The pharmaceutical delivery system devised by Allscrips leads to both direct and indirect cost-savings for patients.  By receiving their medications at the point of care, patients are more inclined to comply with their doctors' instructions, improving the likelihood of positive therapeutic outcomes.  Studies have shown that if patients must travel to another site to receive a prescription, 7 to 8 percent will go unfilled.
    The purchase announced today comes one year after Allscrips' acquisition of certain assets of Redi-Med, Inc. and eight months after the acquisition of certain assets of Doctor's Pharmacy, Inc., two prescription drug repackaging companies.
    "As in other segments of the healthcare industry, it has become clear in our business that one must provide quality care in a cost effective way.  Allscrips' acquisition of certain assets of ISP continues to support our growth and enhances our leadership and financial stability in the point of care dispensing market segment," Hazuka said.
    Following a transition period, all administrative, packaging, labeling and shipping operations of ISP will be transferred to Allscrips' Vernon Hills facility.
    Privately held Allscrips Pharmaceuticals, Inc. was formed in April 1986 with equity financing from a number of leading venture capital firms.
    -0-           12/3/91
    /CONTACT:  Jim Zilka, CFO of Allscrips Pharmaceuticals, 800-654-0889, ext. 226/ CO:  Allscrips Pharmaceuticals, Inc.; ISP, Inc. ST:  Illinois, California IN:  MTC SU:  TNM SH -- NY079 -- 8877 12/03/91 15:52 EST
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Publication:PR Newswire
Date:Dec 3, 1991
Words:418
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