Walgreen Co. on Monday said it has completed its acquisition of BioScrip Inc.’s community specialty pharmacies and mail-service pharmacy business.
Under terms of the deal, originally announced in February, Walgreen will pay Elmsford, N.Y.-based BioScrip $170 million in cash and allow BioScrip to retain certain accounts receivable and working capital liabilities worth about $55 million. Walgreen also may be on the hook for additional $16 million if certain conditions are met.
Deerfield-based Walgreen, the largest drugstore operator in the U.S., said the deal helps expand its nationwide reach in specialty pharmacy and will help grow its lucrative mail-service pharmacy operations.
The specialty pharmacy business Walgreen is set to acquire is a national network with 30 locations in 16 states across the United States and Washington, D.C., primarily serving HIV, oncology and transplant patients.
Walgreen also will gain certain assets of BioScrip’s centralized specialty pharmacy business and a traditional mail-service pharmacy unit that dispenses prescriptions for retailers, including drugstore.com, an Internet-based pharmacy Walgreen acquired last June.
Walgreen said it does not expect the transaction to have any effect on its fiscal 2012 earnings per share. Shares closed Friday at $33.65. Walgreen stock is up 2 percent year-to-date.
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