Walgreens Completes Acquisition of Option Care, Inc.
DEERFIELD, Ill., Sept. 12, 2007 – Walgreen Co. (NYSE, NASDAQ: WAG) has completed its acquisition of Option Care, Inc., which provides a full spectrum of specialty pharmacy and home infusion services from a national network of more than 100 pharmacies in 34 states. Its services are used by patients with acute or chronic conditions that can be treated at home, in a physician’s office or at any one of OptionCare’s ambulatory infusion sites. OptionCare’s services also include respiratory therapy and home medical equipment at some locations.
The acquisition positions Walgreens as the largest home infusion therapy provider in the country and expands its respiratory therapy and durable medical equipment services at some locations. It also makes Walgreens the nation’s fourth-largest specialty pharmacy provider.
“Our increased resources instantly expand our ability to provide patients and payors with national access to these services,” said Stanley B. Blaylock, Walgreens Health Services vice president of specialty pharmacy and home care. “Providing service in this expanding space will help members, payor clients and referral sources to better manage patients’ conditions, their care and the associated costs. This also expands our opportunities to gain greater access to limited-distribution biotech medications for our clients and patients.”
OptionCare President Paul Mastrapa, said, “Both companies are very clinically focused and make a strong cultural fit. With OptionCare’s more than 25 years of experience in providing home care services, both organizations are leaders in the health care industry and have established providers with dedicated management and staff who believe we can help our patients live better lives.”
Blaylock added, “The acquisition is another step toward positioning ourselves as a provider of a variety of patient-focused health care services. We’re moving beyond traditional pharmacy in ways that are beneficial to patients and help payors better manage their overall medical and pharmacy spending.”
Walgreen Co. is the nation’s largest drugstore chain with fiscal 2007 sales of $53.8 billion. The company operates 5,992 stores in 48 states and Puerto Rico, including 77 Happy Harry’s stores in Delaware and surrounding states. Walgreens is expanding its patient-first health care services beyond traditional pharmacy through Walgreens Health Services, its managed care division, and Take Care Health Systems, a wholly owned subsidiary that manages convenient care clinics inside drugstores. Walgreens Health Services assists pharmacy patients and prescription drug and medical plans through Walgreens Health Initiatives Inc. (a pharmacy benefit manager), Walgreens Mail Service Inc., Walgreens Home Care Inc. and Walgreens Specialty Pharmacy Inc.