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March 15, 2019, 7:36 a.m. EDT

BioScrip's stock soars after merger deal with Option Care, owned by Walgreens and Madison Dearborn

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By Tomi Kilgore

Shares of BioScrip Inc. soared 32% toward a 4-year high in premarket trade Friday, after the company announced a deal to merge with privately held Option Care Enterprises Inc., a provider of home and alternate treatment site infusion therapy services owned by funds affiliated with Walgreens Boots Alliance Inc. /zigman2/quotes/203410933/composite WBA -0.54% and private-equity firm Madison Dearborn Partners LLC (MDP). BioScrip's stock is halted for news until 7:30 a.m. Eastern. Under terms of the agreement, BioScrip will issue new shares to Option Care's shareholder and Walgreens and MDP will own about 80% of the combined publicly traded company. BioScrip's market capitalization was about $446.9 million as of Thursday's close. "This is a compelling and complementary fit of two leading players in the U.S. infusion market," said BioScrip Chief Executive Daniel Greenleaf. "Together, we will be able to provide a diverse set of life-improving and cost-effective services to more patients across the United States." BioScrip's stock has rallied 31% over the past 12 months, while the SPDR Health Care Select Sector ETF /zigman2/quotes/205918244/composite XLV -0.16% has gained 6.9% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.13% has tacked on 3.4%.

/zigman2/quotes/203410933/composite
US : U.S.: Nasdaq
$ 38.79
-0.21 -0.54%
Volume: 2.73M
Nov. 30, 2020 12:30p
P/E Ratio
78.64
Dividend Yield
4.81%
Market Cap
$33.77 billion
Rev. per Employee
$421,562
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/zigman2/quotes/205918244/composite
US : U.S.: NYSE Arca
$ 109.27
-0.17 -0.16%
Volume: 6.30M
Nov. 30, 2020 12:31p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
29,572.89
-337.48 -1.13%
Volume: 178.24M
Nov. 30, 2020 12:31p
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