Option Care Health Emerges as Largest Independent Home Infusion Provider Following BioScrip Merger

Recently, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that the U.S.-listed companyBioScrip successfully completed its merger with the privately held company Option Care on August 7, 2019. The newly formed entity, Option Care Health, has become the largest independent provider of home and alternate site infusion services in the United States.

Headquartered in Illinois, Option Care Health has appointed John Rademacher as Chief Executive Officer and Mike Shapiro as Chief Financial Officer. Harry Kraemer, former Chairman and CEO of Baxter International, will serve as Chairman of the Board of Directors of Option Care Health.

The merger news drove a significant rise in BioScrip’s stock price, which once climbed to $3.11 per share after the announcement. BioScrip andNews of a merger involving Option Care first emerged in March 2019, after which BioScrip’s stock price continued to rise. At the time of writing, BioScrip’s share price stood at $2.96 per share.

In 2007, Walgreens, the world’s largest food and drug retailer, acquired Option Care for $850 million. Since then, Option Care has been held by funds affiliated with Walgreens and the private equity firm MDP (Madison Dearborn Partners LLC). Under the terms of the merger agreement, BioScrip will issue new shares to the existing shareholders of Option Care, with Walgreens and MDP holding approximately 80% of the equity in the merged publicly listed company.

John Rademacher, CEO of Option Care Health, stated, “By merging two healthcare giants with distinguished histories into a market leader, we have gained the ability to redefine the infusion care experience. Across the United States, we will unlock the full potential of high-quality care at lower costs. We are now the only independent provider focused on delivering comprehensive infusion therapies to patients. Our deep clinical expertise, extensive portfolio of treatment solutions, and strong financial position enable us to deliver superior outcomes and even set standards for the entire industry.”

Daniel Greenleaf, former CEO of BioScrip, also commented on the merger: “I am proud of the BioScrip team and the care we have provided. The new enterprise combines the strengths of two market leaders and will redefine infusion therapy in home and alternate site settings…”

BioScrip, Inc. is a U.S.-based national provider of pharmaceutical and home health services. The company offers patients clinical management solutions, prescription drug utilization, and home health services. BioScrip has been listed on the NASDAQ since 1997.

Option Care is headquartered in Buffalo Grove, Illinois, and provides home infusion therapy and other healthcare services to patients in non-hospital settings, such as their homes or physicians’ offices.

Home infusion therapy delivers medications into the bloodstream via subcutaneous administration (rather than oral pills), a common method of drug delivery in the treatment of cancer and hemophilia.

(Compiled by: He Lang)