Walgreen Acquires BioScrip Assets
Specialty pharmaceutical healthcare company BioScrip Inc (NASDAQ:BIOS) has announced plans to divest assets owned by its community specialty pharmacies, centralized specialty and mail service pharmacy businesses to Walgreen Co (NYSE:WAG).
Walgreen, the largest drugstore chain in the U.S., will pay about $225 million for the assets and a further $60 million contingent on certain events relating to its retention of the businesses. The transaction is expected to close by April.
BioScrip intends to use the sale proceeds to reduce debt and to expand its chain of infusion pharmacies. According to the company the transaction is expected to be accretive to its 2012 profitability.
Here how these stocks are reacting to the news:
BioScrip, Inc. (NASDAQ:BIOS): BIOS shares recently traded at $5.84, down $0.46, or 7.3%.
Walgreen Co. (NYSE:WAG): WAG shares recently traded at $33.22, down $0.2, or 0.6%.
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