BioScrip (BIOS) Announces Completion of HS Infusion Holdings Acquisition
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BioScrip, Inc. (Nasdaq: BIOS) announced that it has completed the acquisition of HS Infusion Holdings, Inc. ("Home Solutions"), enhancing its position as a leading provider of home infusion services.
The combination of BioScrip and Home Solutions brings together two highly complementary infusion services with an enhanced focus on higher margin, core infusion therapies. As a combined company, BioScrip expects to generate over $1 billion in annual revenue for the fiscal year ending December 31, 2017. The transaction is expected to be accretive to BioScrip’s financial results and is estimated to generate $14-17 million of synergies in approximately 12-18 months following the closing. The additional financial contribution from Home Solutions, including anticipated synergies, is anticipated to strengthen BioScrip’s balance sheet and leverage profile, improve BioScrip's strategic flexibility and competitive positioning and realign the Company as a growth platform in the attractive post-acute care segment.
Effective with the completion of the transaction, Daniel Greenleaf is serving as President and Chief Executive Officer of BioScrip and a member of the Company’s Board of Directors, and Rick Smith, who has served as BioScrip’s Chief Executive Officer, now serves as Vice Chairman of the Board of Directors.
“We are pleased to complete this compelling combination and are moving forward as one company with an enhanced focus on core infusion services,” said Mr. Greenleaf. “We are committed to our mission to provide national reach and local care, and look forward to realizing the meaningful benefits this transaction provides for our employees, customers and patients. We are confident in our integration plans and our commitment to achieving the expected synergies and financial targets. Overall, we are well-positioned to continue to be a leading infusion company in the attractive post-acute segment. I am honored to lead our combined team of talented employees and look forward to working to advance BioScrip’s growth, create value and drive further success.”
As previously announced on September 2, 2016, BioScrip and Home Solutions will seek BioScrip stockholder approval to increase BioScrip’s authorized share capital to allow the company to issue certain contingent purchase considerations, if earned. BioScrip will announce a date for the Special Meeting of Stockholders in due course.
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