Deerfield, Ill. -- BioScrip Inc. said it will sell certain assets of its community specialty pharmacies and centralized specialty and mail service pharmacy businesses to Walgreens for about $225 million.
The deal includes about $170 million in cash at closing and retention by BioScrip of associated accounts receivable and working capital liabilities of about $55 million.
Walgreens said the acquisition fits its strategy to advance community pharmacy and bring additional specialty pharmacy products and services closer to patients. The acquisition will also help grow Walgreens centralized specialty and mail service pharmacy operations.
“Together, BioScrip's clinically focused community specialty pharmacies and access to additional limited distribution drug therapies, and Walgreens existing nationwide network of retail and health system pharmacies create a strong network of support for our core drugstore business to provide specialty pharmacy solutions to our patients,” said Walgreens president and CEO Greg Wasson. “Many of our patients will benefit from expanded access to new and limited distribution drugs for chronic conditions such as HIV, cancer and organ transplant.
BioScrip said it could receive up to an additional $60 million based on events related directly or indirectly to Walgreen's retention of the businesses. BioScrip had said early last year that it was looking at strategic options to reduce rising costs, and went through a series of management changes.