ELMSFORD, N.Y. & MINNEAPOLIS--(BUSINESS WIRE)--Oct. 11, 2005--BioScrip, Inc. (NASDAQ:BIOS - News) today announced that it has acquired Northland Medical Pharmacy ("Northland"), a community-based specialty pharmacy, located in Columbus, Ohio.
Henry F. Blissenbach, BioScrip's President and Chief Executive Officer commented, "We are very excited to be able to add Northland to BioScrip's family of community-based specialty pharmacies. We are fortunate to partner with Northland and its founder, Jim DiCello, whose multi-specialty community pharmacy is consistent with and clearly complements BioScrip's expanding community model." As previously reported, one of BioScrip's key strategic initiatives involves the expansion of its community-based pharmacy model. Added Blissenbach, "Northland has successfully grown its business over time by expanding its capabilities and focus across an increasing number of specialty pharmacy therapy categories. Northland's success is representative of the opportunity we see to expand the number of therapies offered within our existing 30 community specialty pharmacies."
The purchase price consists of approximately $12 million in cash, plus a potential earn-out payment contingent on achieving certain future performance benchmarks. Northland currently generates approximately $25 million in annual revenue. BioScrip expects Northland to be accretive to earnings per share in calendar 2006.
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