ELMSFORD, N.Y., April 1, 2014 /PRNewswire/ --
BioScrip®, Inc. (NASDAQ: BIOS) today announced that it
has completed the previously announced sale of substantially all of
its Home Health business, known as Deaconess HomeCare, to LHC
Group, Inc. (NASDAQ: LHCG). The transaction represents a total deal
value of approximately $60 million.
BioScrip intends to use the net proceeds from the sale to pay down
a portion of its outstanding debt.
"With the completion of the Home Health transaction, we now have
additional financial flexibility to continue building on BioScrip's
solid foundation in home infusion services," said Rick Smith, President and Chief Executive
Officer of BioScrip. "We continue to position BioScrip as a leader
in the home infusion industry. We look forward to optimizing the
value of our assets while maintaining our reputation for clinical
excellence."
Mr. Smith continued, "Once again, we would like to express our
appreciation for all that the Deaconess employees have
accomplished. We believe that with LHC Group, the Deaconess family
will achieve continued success."
Cain Brothers & Co., LLC
acted as BioScrip's financial advisor in connection with the
transaction and Polsinelli PC acted as BioScrip's legal
advisor.
About BioScrip, Inc.
BioScrip, Inc. is a leading national provider of infusion
solutions. BioScrip partners with physicians, healthcare payors,
government agencies, hospital systems and pharmaceutical
manufacturers to provide patients access to post-acute care
services. BioScrip operates with a commitment to deliver
customer-focused pharmacy and related healthcare infusion therapy
services in alternate-site settings. By collaborating with the full
spectrum of healthcare professionals and the patient, BioScrip
provides cost-effective care that is driven by quality, customer
service, and values that promote positive outcomes and an enhanced
quality of life for those it serves. BioScrip provides its infusion
services from 81 locations across 29 states.
FORWARD LOOKING STATEMENTS
This press release includes statements that may constitute
"forward-looking statements," including statements
regarding the Company's goals, performance and
strategy. 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.
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 the risks
described in the Company's periodic filings with the Securities and
Exchange Commission, including the Company's annual report on Form
10-K for the year ended December 31, 2013. 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.
Investor and Media Contacts
Hai Tran
Chief Financial Officer, BioScrip, Inc.
952-979-3768
SOURCE BioScrip, Inc.