BioScrips to be Acquired by Walgreens
According to multiple sources familiar with the situation, the major national pharmacy company Walgreens (WAG) is in final negotiations to acquire BioScrips(BIOS). The company is looking to expand its platform in Pharmacy Benefit Management (PBM). The move comes in light of failed contract negotiations with Express Scripts (ESRX) on renewal of their existing relationship.
Bioscrips provides pharmacy products and services as well as mail order services and the acquisition will serve to bolster Walgreen's existing scope as the nation's leading pharmacy provider. Sources close to the negotiations also suggest that the acquisition price could be 50% above the previous market close of $6.73 and expect an announcement to be imminent.