BATON ROUGE, La., and BANNOCKBURN, Ill., Jan. 05, 2021 (GLOBE NEWSWIRE) — Amedisys, Inc. (NASDAQ: AMED), a leading provider of home health, hospice and personal care, and Option Care Health Inc. (NASDAQ: OPCH), the nation’s largest independent home and alternate site infusion services provider, are collaborating on providing COVID antibody infusion therapy within skilled nursing and assisted living facilities, collectively referred to as “long term care facilities.” The U.S Food and Drug Administration (FDA) has issued Emergency Use Authorizations (EUAs) to both Eli Lilly and Regeneron for their investigational neutralizing antibody therapies to treat mild to moderate COVID-19 in adults and pediatrics who are at high risk for progressing to severe COVID-19 symptoms or hospitalization.
On December 8, 2020, the National Home Infusion Association (NHIA) announced it had launched a pilot program with Operation Warp Speed and the department of Health and Human Services to expand access to Bamlanivimab for COVID-19-positive eligible patients residing in long-term care facilities. As an active member of the NHIA, Option Care Health agreed to participate in the pilot program to help service this vulnerable population.
Through the collaboration, which will initially be piloted in Indianapolis and Valparaiso, Indiana markets, with potential to scale to other markets, as appropriate, Amedisys and Option Care Health will coordinate to expeditiously provide care to long-term care facility residents. This innovative service model draws on the strengths and capabilities of both organizations and leverages clinical resources in the most efficient way to ensure expanded access to this difficult-to-serve population. Through its Hospice division, Amedisys will oversee the on-site care coordination for residents through their expansive clinical team. Option Care Health will leverage its pharmacy network operations to provide critical clinical pharmacy oversight and will distribute Bamlanivimab through its national network of pharmacies.
John Rademacher, Chief Executive Officer of Option Care Health, stated, “We are proud to collaborate with Amedisys, a leader in home health and hospice services, along with NHIA and leaders of Operation Warp Speed, to expand access to vital therapies for one of the most vulnerable populations. Combining the extraordinary capabilities of two industry leaders to solve a critical healthcare challenge is truly humbling.”
“We have experience from being on the frontlines and caring for more than 12,500 COVID 19-positive patients,” stated Paul Kusserow, President and Chief Executive Officer of Amedisys. “We know how important innovative solutions are for caring for those who need our services the most, and this is exactly the type of partnerships in which Amedisys wants to be involved to help our country make it through this pandemic. We’re extremely honored to play our part alongside Option Care Health, NHIA and Operation Warp Speed.”
About Amedisys
Amedisys, Inc. is a leading healthcare at home company delivering personalized home health, hospice and personal care. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based personal care; recovery and rehabilitation after an operation or injury; care focused on empowering them to manage a chronic disease; or hospice care at the end of life. More than 2,600 hospitals and 67,000 physicians nationwide have chosen Amedisys as a partner in post-acute care. Founded in 1982, headquartered in Baton Rouge, LA with an executive office in Nashville, Tenn., Amedisys is a publicly held company. With 21,000 employees in 514 care centers within 39 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 415,000 patients and clients in need every year. For more information about the Company, please visit: www.amedisys.com.
About Option Care Health
Option Care Health is the nation’s largest independent provider of home and alternate site infusion services. With over 5,000 teammates, including approximately 2,900 clinicians, we work compassionately to elevate standards of care for patients with acute and chronic conditions in all 50 states. Through our clinical leadership, expertise and national scale, Option Care Health is reimagining the infusion care experience for patients, customers and teammates.
Forward-Looking Statements:
When included in this press release, words like “believes,” “belief,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “would,” “should,” “will” and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to the following: the impact of the novel coronavirus pandemic (“COVID-19”), including the measures that have been and may be taken by governmental authorities to mitigate it, on our business, financial condition and results of operations, changes in or our failure to comply with existing federal and state laws or regulations or the inability to comply with new government regulations on a timely basis, changes in Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, competition in the healthcare industry, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to attract and retain qualified personnel, our ability to keep our patients and employees safe, changes in payments and covered services by federal and state governments, future cost containment initiatives undertaken by third-party payors, our access to financing, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, widespread protest or civil unrest, our ability to integrate, manage and keep our information systems secure, our ability to realize the anticipated benefits of acquisitions, and changes in law or developments with respect to any litigation relating to the Company, including various other matters, many of which are beyond our control.
Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking and we do not intend to release publicly any updates or changes in our expectations concerning the forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based, except as required by law.
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BANNOCKBURN, Ill., Sept. 02, 2020 (GLOBE NEWSWIRE) — Option Care Health, Inc. (“Option Care Health”) (NASDAQ: OPCH), the nation’s largest independent provider of home and alternate site infusion services, has been selected to participate in the limited distribution network of VILTEPSO™ (viltolarsen) for patients with Duchenne Muscular Dystrophy (“DMD”) who are amenable to exon 53 skipping therapy. Manufactured by NS Pharma, Inc., Viltepso is the first and only exon 53 skipping therapy to demonstrate an increase in dystrophin in patients as young as four years old.
Viltepso is among a growing number of chronic infusion therapies for neuromuscular disorders that Option Care Health is able to deliver to patients at home or in one of the company’s more than 125 ambulatory infusion suites across the country.
“NS Pharma selected Option Care Health as an option to distribute and administer Viltepso, which offers hope to patients with this devastating disease and their caregivers, because of our reputation of providing extraordinary care,” said Matt Deans, Senior Vice President of Business Development at Option Care Health. “Our demonstrated track record of collaboration with manufacturers to extend infusion services for new therapies to alternate treatment sites, coupled with our personalized clinical care, leads to better outcomes and higher patient satisfaction.”
DMD is an inherited progressive neurological disorder that primarily affects boys because it is located on the X chromosome (male gene). It is caused by genetic mutations that prevent the production of dystrophin, a key protein for supporting muscle health. Symptoms appear as early as two years of age and typically progresses to cardiac and respiratory muscle problems beginning in the patient’s teenage years, leading to serious, life-threatening complications.
Increasing dystrophin as much and as early as possible has become a key goal in the treatment of DMD. Viltepso received an Accelerated Approval by the Food and Drug Administration (FDA) based on an increase in dystrophin in patients with DMD who are amenable to exon 53 skipping therapy; exon 53 skipping is applicable in about 8% of the DMD population.
“We chose to include Option Care Health in our distribution network because of its commitment to providing excellent clinical care and national footprint,” said Gardner Gendron, Chief Commercial Officer at NS Pharma. “Its expertise in providing infusions for complex neuromuscular conditions, broad access to insurance networks and service in all 50 states give us the confidence that our patients will be able to receive Viltepso.”
The recommended dosage of Viltepso is 80mg/kg of body administered intravenously over 60 minutes once weekly by Option Care Health nurses specially trained on the disease and therapy. Option Care Health works closely with providers to develop customized patient care plans and provide regular treatment updates. Patients receive extensive education and can reach experienced clinicians 24/7/365 if they have questions or need support.
About Option Care Health
Option Care Health is the nation’s largest independent provider of home and alternate site infusion services. With over 5,000 teammates, including approximately 2,900 clinicians, we work compassionately to elevate standards of care for patients with acute and chronic conditions in all 50 states. Through our clinical leadership, expertise and national scale, Option Care Health is re-imagining the infusion care experience for patients, customers and employees. To learn more, please visit our website at OptionCareHealth.com.
About NS Pharma, Inc.
NS Pharma, Inc., is a wholly owned subsidiary of Nippon Shinyaku Co., Ltd. For more information, please visit http://www.nspharma.com. NS Pharma and Viltepso are registered trademarks of the Nippon Shinyaku group of companies.
Forward-Looking Statements – Safe Harbor
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we may make regarding future revenues, future earnings, regulatory developments, market developments, new products and growth strategies, integration activities and the effects of any of the foregoing on our future results of operations or financial conditions.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) changes in laws and regulations applicable to our business model; (ii) changes in market conditions and receptivity to our services and offerings; (iii) results of litigation; and (iv) the loss of one or more key payers; and (v) the spread and impact of the COVID-19 pandemic. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as filed with the SEC.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
First surgery-free treatment option for rare, difficult-to-treat urinary tract cancer requires complex clinical protocol
BANNOCKBURN, Ill., May 21, 2020 (GLOBE NEWSWIRE) — Option Care Health, Inc. (“Option Care Health” or the “Company”) (NASDAQ: OPCH), the nation’s largest independent provider of home and alternate site infusion services, has been selected by UroGen Pharma (NASDAQ: URGN) as a preferred national pharmacy provider to prepare and deliver a first-of-its-kind cancer treatment, Jelmyto™ (mitomycin) for pyelocalyceal solution.
The new formulation offers a novel approach for treating adults with low-grade upper tract urothelial cancer (LG-UTUC), targeting tumors directly with a drug that changes form as it warms and must be provided by the physician within eight hours of preparation. To ensure the drug will be prepared, shipped and provided to the patient within the required time period and in accordance with product labeling requirements and pharmacy standards, Option Care Health partnered with UroGen to create an innovative pharmacy solution to support Jelmyto via its nationwide sterile compounding pharmacy and distribution network.
Approved by the U.S. Food and Drug Administration on April 15, 2020, Jelmyto is a first-in-class treatment consisting of mitomycin – an established chemotherapy – and sterile hydrogel, using UroGen’s proprietary sustained release RTGel™ technology. It has been designed to enable longer exposure of urinary tract tissue to mitomycin, facilitating the treatment of these rare and difficult-to-treat cancerous tumors with a non-surgical, kidney-sparing option.
Jelmyto must be prepared in USP 800-compliant pharmacies that use heightened quality and safety standards and, in addition to compounding rooms, they must have expanded capabilities and expertise to process cytotoxic drug components. Option Care Health’s national network of USP 800 pharmacies will prepare the formulation pursuant to patient-specific Jelmyto prescriptions and deliver it to the urologist within the required time period and in accordance with the exacting standards of the Jelmyto Instructions for Pharmacy.
“Option Care Health’s infrastructure and compounding capabilities in our network of USP 800-compliant pharmacies are unparalleled, allowing us to provide comprehensive services in collaboration with UroGen,” said John C. Rademacher, President and Chief Executive Officer of Option Care Health. “Every day Option Care Health ensures thousands of patients receive their required therapies in a safe and timely manner. The investments we have made in our clinical infrastructure enable us to partner with UroGen to deliver this innovative new therapy.”
“UroGen is challenging the standard of care through novel, non-surgical treatment alternatives such as Jelmyto, which leverages our innovative technology and expertise in specialty cancers and urologic diseases,” said Liz Barrett, UroGen President and Chief Executive Officer. “Jelmyto requires complex preparation and timely delivery and Option Care Health offers the national scale, depth of experience, expertise and commitment to quality that we require in a partner to ensure patients receive this vital new therapy in a timely and safe manner.”
LG-UTUC is a rare cancer that develops in the lining of the upper urinary tract, ureters and kidneys. Every year approximately 6,000 to 7,000 U.S. patients are diagnosed with new or recurrent LG-UTUC. It is challenging to treat due to the complex anatomy of the urinary tract system. The current standard of care includes multiple surgeries and often a radical nephroureterectomy, including the removal of the renal pelvis, kidney, ureter and bladder cuff.
About Option Care Health
Option Care Health is the nation’s largest independent provider of home and alternate site infusion services. With over 5,000 teammates, including approximately 2,900 clinicians, we work compassionately to elevate standards of care for patients with acute and chronic conditions in all 50 states. Through our clinical leadership, expertise and national scale, Option Care Health is re-imagining the infusion care experience for patients, customers and employees. To learn more, please visit our website at OptionCareHealth.com.
About UroGen Pharma Ltd.
UroGen is a biopharmaceutical company dedicated to building novel solutions that treat specialty cancers and urologic diseases because patients deserve better options. UroGen has developed RTGel™ reverse-thermal hydrogel, a proprietary sustained release, hydrogel-based platform technology that has the potential to improve therapeutic profiles of existing drugs. UroGen’s sustained release technology is designed to enable longer exposure of the urinary tract tissue to medications, making local therapy a potentially more effective treatment option. UroGen’s approved Jelmyto™ (mitomycin) for pyelocalyceal solution, and pipeline treatment UGN-102 (mitomycin) for intravesical solution are designed to ablate tumors by non-surgical means and to treat several forms of non-muscle invasive urothelial cancer, including low-grade upper tract urothelial cancer and low-grade non-muscle invasive bladder cancer, respectively. UroGen is headquartered in Princeton, NJ with operations in Israel. Visit www.urogen.com to learn more or follow us on Twitter, @UroGenPharma.
Forward-Looking Statements – Safe Harbor
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we may make regarding future revenues, future earnings, regulatory developments, market developments, new products and growth strategies, integration activities and the effects of any of the foregoing on our future results of operations or financial conditions.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) changes in laws and regulations applicable to our business model; (ii) changes in market conditions and receptivity to our services and offerings; (iii) results of litigation; and (iv) the loss of one or more key payers; and (v) the spread and impact of the COVID-19 pandemic. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as filed with the SEC.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Ensuring Patient Safety and Continuity of Care is Key During COVID-19 Public Health Crisis as Hospitals Face Unprecedented Challenges
BANNOCKBURN, Ill., April 22, 2020 – Regence and Option Care Health, Inc. (“Option Care Health”) (NASDAQ: OPCH) today announced an expanded partnership to ease access to care and provide additional options for high-risk patients who rely on infusion therapy. This collaboration enables Regence Health Plan members who currently receive their infusion therapy services in a hospital outpatient setting the ability to transition care to their home or an Option Care Health Infusion Suite.
Regence is committed to helping ease the burden on hospitals during the COVID-19 pandemic and ensuring its members and their families have the clinical care support they need, provided in the comfort, convenience and safety of a preferred location. Regence is a family of health plans in Oregon, Idaho, Utah and select counties in Washington, each an independent licensee of the Blue Cross and Blue Shield Association dedicated to making healthcare better, simpler and more affordable.
“Ensuring our members have convenient access to care in a safe and affordable setting is our top priority,” said Kerry Bendel, Regence’s Chief Pharmacy Officer. “Option Care Health’s 40-years of experience focused solely on infusion therapy makes them the right partner to help protect the health and safety of our members, their families and our community during the unprecedented challenges created by the COVID-19 crisis.”
The partnership – which builds on Regence’s existing Site of Care program – helps address changing needs during the COVID-19 pandemic, allowing for greater flexibility for hospitals, physicians and patients who rely on infusion therapies for a wide variety of acute and chronic needs, from nutrition support and immune disorders to infections and neurologic conditions.
“Infusion provided safely and effectively at home or an infusion suite is more vital to our nation’s health system and patients than ever before,” said John C. Rademacher, President and Chief Executive Officer of Option Care Health. “As we face this public health crisis, it is critical that we work together to continue delivering trusted clinical care that expands the overall capacity of our healthcare system.”
Option Care Health follows rigorous guidelines from the Centers for Disease Control and Prevention (CDC) to ensure the safety of patients and staff. These measures include comprehensive training of employees, strict protocols for infection control at home and infusion suites, screening of staff and patients for COVID-19 symptoms, ongoing virus-specific updates and education and the use of personal protection equipment (PPE). Employees can call the Option Care Health COVID-19 hotline 24/7 to address questions regarding their health or a patient’s health.
Care managers and clinicians will contact high-risk Regence members to ensure they know about the option to receive infusion therapy care in an alternate setting. Option Care Health clinical teams will coordinate transitions of care and customize treatment plans to suit the specific needs of each patient, with an assigned nurse and pharmacist to monitor treatment. Experienced clinicians and nurses are available 24 hours a day, seven days a week, 365 days a year to answer questions and provide support for patients, families and providers.
For more information on the Option Care Health and Regence response to the COVID-19 pandemic, visit optioncarehealth.com/coronavirus and regence.com/member/health-lifestyle/coronavirus-covid-19.
About Option Care Health
Option Care Health is the nation’s largest independent provider of home and alternate site infusion services. With over 5,000 teammates, including 2,900 clinicians, we work compassionately to elevate standards of care for patients with acute and chronic conditions in all 50 states. Through our clinical leadership, expertise and national scale, Option Care Health is re-imagining the infusion care experience for patients, customers and employees. To learn more, please visit our website at OptionCareHealth.com.
About Regence
Regence serves approximately 3.1 million members through Regence BlueShield of Idaho, Regence BlueCross BlueShield of Oregon, Regence BlueCross BlueShield of Utah and Regence BlueShield (select counties in Washington). Each health plan is a nonprofit independent licensee of the Blue Cross and Blue Shield Association. Regence is part of a family of companies dedicated to transforming healthcare by delivering innovative products and services that change the way consumers nationwide experience healthcare. For more information, please visit Regence.com.
Infusion Care Provider’s Clinical Expertise and National Scale Ensure High-Quality Care in a Lower-Risk Setting
BANNOCKBURN, Ill., April 14, 2020 (GLOBE NEWSWIRE) — Option Care Health, Inc. (“Option Care Health”) (NASDAQ: OPCH), the nation’s largest independent provider of home and alternate site infusion services, is on the frontlines of the COVID-19 pandemic, working in collaboration with our nation’s hospitals and their clinical teams to ensure patients continue to receive vital care. Option Care Health provides essential infusion services that enable patients to transition home from the hospital sooner, freeing up beds for critically ill COVID-19 patients.
Serving patients in all 50 states, Option Care Health is easing the burden on strained health systems in critical markets. Physicians and patients rely on infusion therapies for a wide variety of acute and chronic needs, from nutrition support and immune disorders to infections and neurologic conditions. Option Care Health is a critical part of the pandemic response, developing unique solutions that safely transition patients requiring infusion therapy out of the hospital – flexing capacity by deploying and shifting resources where the need is the greatest and utilizing the more than 125 infusion sites it operates across the country.
“We are fighting this pandemic side by side with our health system partners, fully prepared and able to support the needs of their patients who can transition home to continue their therapy. Whether they are in pre-plan preparation or already at surge capacity in a pandemic hotspot, our team is responding quickly and effectively to meet their needs,” said Harriet Booker, Chief Operating Officer of Option Care Health. “We’re not missing a beat. If our partners need us to accommodate a 10 p.m. bedside discharge for a patient on IV antibiotics medication, transfer a rheumatoid arthritis patient from a hospital-based ambulatory care center or virtually discharge an immunocompromised patient to reduce the risk of COVID-19 transmission, we’re where they need us to be.”
Option Care Health’s comprehensive network and business continuity plans ensure its ability to provide infusion pharmacy and nursing care to patients on a consistent and reliable basis nationwide. This real-time agility employs added shifts, remote staffing rotations and expanded pharmacy hours to compound and administer vital medications. In addition, Option Care Health has the ability to redeploy clinical resources to cities with the greatest need.
Option Care Health has implemented rigorous protocols to ensure the safety of patients and staff working directly with its infectious disease experts and following Centers for Disease Control and Prevention (CDC) guidelines. These measures include comprehensive training of employees, strict protocols for infection control at home and infusion suites, screening of staff and patients for COVID-19 symptoms, ongoing virus-specific updates and education and the use of personal protection equipment (PPE). Staff members can call an Option Care Health COVID-19 hotline 24/7 to address questions regarding their health or a patient’s health.
“Infusion at home or an infusion suite is a safe and effective care setting that is even more vital during times of national emergency, such as the current COVID-19 crisis,” said John C. Rademacher, President and Chief Executive Officer of Option Care Health. “Our highly skilled team of healthcare professionals provide infusion services that deliver hope to patients and physicians by easing the burden on hospital inpatient census, while lowering the patient’s risk and ensuring they receive excellent care after they are discharged.”
Option Care Health’s clinical team, consisting of 2,900 nurses, dietitians and pharmacists, annually care for more than 220,000 patients of all ages. The Option Care Health clinical team elevates the infusion therapy experience through customized care plans specific to every patient. Experienced clinicians and nurses are available 24 hours a day, seven days a week, 365 days a year to answer questions and provide support for patients, families and providers.
For more information on Option Care Health’s response to the COVID-19 pandemic, visit optioncarehealth.com/coronavirus.
About Option Care Health
Option Care Health is the nation’s largest independent provider of home and alternate site infusion services. With over 5,000 teammates, including 2,900 clinicians, we work compassionately to elevate standards of care for patients with acute and chronic conditions in all 50 states. Through our clinical leadership, expertise and national scale, Option Care Health is re-imagining the infusion care experience for patients, customers and employees. To learn more, please visit our website at OptionCareHealth.com.
Largest Independent Home and Alternate Site Infusion Provider Establishes the Standard of Care Across the United States Through Its Clinical Leadership and Technology-Enabled Patient-Centered Model
BANNOCKBURN, Ill. & DENVER, August 7, 2019 — Option Care Enterprises, Inc. (“Option Care”) and BioScrip, Inc. (“BioScrip”) today announced the successful completion of their merger, which follows the satisfaction of the transaction’s closing conditions, including approval by BioScrip shareholders and the receipt of all necessary regulatory approvals.
The newly combined company, Option Care Health, Inc. (“Option Care Health” or the “Company”), emerges as the largest independent home and alternate site infusion services provider in the United States. Option Care Health’s common stock will be listed on the Nasdaq Global Select Market under the ticker symbol BIOS.
John Rademacher, Chief Executive Officer of Option Care Health, said, “Today marks the beginning of an exciting new chapter as we unite two strong organizations with proud histories as market leaders. This combination enables us to reimagine the infusion care experience to unleash the full potential of high-quality care in a lower cost setting on a national scale. We are now the only independent provider focused on delivering a full spectrum of infusion therapies to patients across the country. Our deep clinical expertise, broad therapy portfolio and enhanced financial profile empower us to deliver superior outcomes and set the standard for patient care.”
Option Care Health will continue to focus on:
- Patient-Centered Care Model, providing deeply personalized care to patients in all 50 states, supported by the broadest commercial and clinical coverage with our unique product offering.
- Clinical and Market Leadership, leveraging our best-in-class clinical team to consistently raise quality standards and patient outcomes while collaborating with health systems, payers and manufacturers to broaden our therapy portfolio and clinical reach.
- Investing in People, Technology and Operations to drive profitable growth, while setting the industry standard for infusion services.
Daniel E. Greenleaf, former Chief Executive Officer of BioScrip, commented, “I’m proud of the BioScrip team and the care that we delivered every day to patients who trusted us to provide extraordinary care. This new enterprise combines two independent market leaders and enables the organization to truly redefine infusion therapy in the alternate site setting. With a significantly improved capital structure and financial profile, I’m confident Option Care Health will continue to build upon the momentum of BioScrip and Option Care.”
Option Care Health will be headquartered in Bannockburn, Illinois and led by Rademacher as Chief Executive Officer and Mike Shapiro as Chief Financial Officer. Harry Kraemer, former Chairman and Chief Executive Officer of Baxter International Inc., will serve as Chairman of the Board of Option Care Health.
Advisors
In connection with the transaction, Jefferies LLC and Moelis & Company LLC acted as joint financial advisors to BioScrip, and Gibson, Dunn & Crutcher LLP served as legal advisor. Goldman Sachs & Co. LLC and BofA Merrill Lynch acted as financial advisors and Kirkland & Ellis LLP acted as legal advisor to Option Care.
Forward Looking Statements
This communication contains “forward-looking statements ” (as defined in the Private Securities Litigation Reform Act of 1995) regarding, among other things, future events or the future financial performance of Option Care Health. All statements other than statements of historical facts are forward-looking statements. In addition, words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or the negative of these words, and words and terms of similar substance used in connection with any discussion of future plans, actions or events identify forward-looking statements.
Forward-looking statements relating to Option Care Health include, but are not limited to: statements about the benefits of the combined company, including future financial and operating results; expected synergies; Option Care Health’s plans, objectives, expectations and intentions; and other statements relating to the merger that are not historical facts. Forward-looking statements are based on information currently available to BioScrip and Option Care and involve estimates, expectations and projections.
Investors are cautioned that all such forward-looking statements are subject to risks and uncertainties (both known and unknown), and many factors could cause actual events or results to differ materially from those indicated by such forward-looking statements. With respect to the combination of BioScrip and Option Care, these factors could include, but are not limited to: (i) the impact the significant debt incurred in connection with the merger may have on Option Care Health’s ability to operate the combined business, (ii) risks relating to the integration of the BioScrip and Option Care operations, solutions and employees into the combined company and the possibility that the anticipated synergies and other benefits of the combination, including cost savings, will not be realized or will not be realized within the expected timeframe, (iii) Option Care Health’s status as a “controlled company ” within the meanings of Nasdaq, including Option Care Health’s reliance on exemptions from certain corporate governance standards and the significantly less influence that pre-merger holders now have on Option Care Health, and (iv) risks relating to the combined businesses and the industries in which the combined company operates.
These risks and uncertainties, as well as other risks and uncertainties, are more fully discussed in BioScrip’s definitive proxy statement filed with the SEC on June 26, 2019 and Option Care Health’s subsequent filings with the SEC. While the lists of risk factors presented here and in Option Care Health’s public filings are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Many of these risks, uncertainties and assumptions are beyond BioScrip’s and Option Care’s ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the information currently available to the parties on the date they are made, and neither BioScrip nor Option Care undertakes any obligation to update publicly or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this communication.
About Option Care Health
At Option Care Health, Inc. (Option Care Health) (NASDAQ: BIOS), we are the largest independent home and alternate site infusion services provider in the United States. With over 6,000 teammates including 2,900 clinicians, we work compassionately to elevate standards of care for patients with acute and chronic conditions in all 50 states. Through our clinical leadership, expertise and national scale, Option Care Health is reimagining the infusion care experience for patients, customers and employees. To learn more, please visit our website at OptionCareHealth.com.
For Media Inquiries:
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312.558.1770
For Investor Inquiries:
Mike Shapiro, Chief Financial Officer
Option Care Health
312.940.2538
Option Care Enterprises, Inc., the nation’s leading provider of home and alternate site infusion therapy services, today celebrated the opening of its new state-of-the-art Care Management Center (CMC) in Atlanta. Attendees at the ribbon cutting and open house had the opportunity to tour the new center, which features the most up-to-date infusion technology and equipment in a welcoming and comfortable setting.
Serving patients who rely upon complex infusion therapies for anti-infectives, clinical nutrition support, immunoglobulin therapy and conditions such as chronic inflammatory disorders and bleeding disorders, the CMC will provide care to approximately 1,000 patients either in their home or at the Ambulatory Infusion Suite (AIS). The new center not only expands Option Care’s capacity to provide vital care services to more patients in the Atlanta area, its full-service pharmacy and sterile compounding room meet and surpass current regulatory standards.
The CMC provides convenient access to care and exceptional clinical support through its:
- Full-service infusion pharmacy and clinical management of patients, including the compounding and dispensing of drugs to ensure each patient receives the right drug in the right dose with appropriate monitoring and 24/7 phone support with clinicians available to answer questions for patients/caregivers and providers.
- Ambulatory Infusion Suite with three infusion chairs in private rooms where patients can receive their treatments administered by highly skilled nurses specifically trained in infusion therapy.
- Patient registration assistance, flexible scheduling options, including evenings and weekends, free on-site parking and easy access to facilities.
“This new Option Care CMC in Peachtree Corners gives patients another choice for therapy, whether they want to receive their infusion services in a new, state-of-the-art facility or in the comfort of their own homes. The design is not only aesthetically pleasing, but built to be the gold standard of sterile compounding facilities,” said Atlanta-based physician Anson Kwame Wurapa, M.D. who recently visited the CMC.
Many patients prefer receiving their infusions in the comfort of their own homes with the support of Option Care’s clinical care teams. However, home infusion may not be right for everyone due to a variety of factors, including personal preference to be away from home for their therapies, lack of a suitable home environment for treatment, co-morbidities that require being close to a full care team, and health insurance coverage limitations. The Option Care Atlanta CMC is equipped to help all infusion patients in the area whether they’re receiving treatment at home or in the AIS.
“This new CMC is the very best of everything Option Care offers to patients. We know these critical therapies make it possible for patients to enjoy vitality and quality of life and we’re thrilled to be able to deliver that to more patients in the Atlanta area,” said John Rademacher, Chief Executive Officer at Option Care. “This new CMC is a representation of our commitment to providing exceptional clinical care through the best clinicians and facilities available.”
The Atlanta CMC location will be equipped to deliver superior outcomes with Option Care’s state-of-the-art, technology-enabled, data-driven services and programs.
About Option Care
Option Care Enterprises, Inc. (Option Care) is the nation’s largest and most trusted provider of home and alternate treatment site infusion services. Holding accreditations from industry quality organizations ACHC, PCAB, ASHP and URAC,[*]Accreditation Commission for Health Care (ACHC), Pharmacy Compounding Accreditation Board (PCAB), American Society of Health-System Pharmacists (ASHP) and URAC the company draws on over 40 years of clinical care experience to offer patient-centered therapy management.
Option Care’s signature Infusion Therapy Plus services include the clinical management of infusion medicines, nursing support and care coordination. Option Care’s multidisciplinary team of more than 1,700 clinicians — including pharmacists, nurses and dietitians — are able to provide home infusion service coverage for nearly all patients across the United States needing treatment for complex and chronic conditions. Learn more at www.OptionCareHealth.com.
PHOENIX, March 21, 2019 — Clinical interventions provided by a nutrition support team can prevent hospital readmission in patients with short bowel syndrome (SBS) receiving home parenteral nutrition (PN), saving millions in costs annually, suggests a study[*]Englert M, Stodola K. Proactive Interventions by Nutrition Support Clinicians in Patients with Short Bowel Syndrome (SBS) on Home Parenteral Nutrition (HPN) Results in Decreased Hospitalizations and Improved Financial Outcomes. Abstract presented at the American Society for Parenteral and Enteral Nutrition (ASPEN) 2019 Nutrition Science & Practice Conference; March 23-26, 2019, Phoenix. by Option Care Enterprises, Inc. ( “Option Care”), the nation’s leading provider of home and alternate site infusion therapy services. The research is being presented at the American Society for Parenteral and Enteral Nutrition (ASPEN) 2019 Nutrition Science & Practice Conference and was chosen as an Abstract of Distinction.
Among SBS patients receiving home PN provided intravenously (IV), dehydration is a common cause of hospital readmission, with an average three-day length of stay. In the study, the nutrition support team — including a dietitian, nurse and pharmacist — made recommendations (interventions) to adjust the home PN volume based on the weekly monitoring of patients’ hydration status through reviewing laboratory values and conducting nutrition assessments.
“Home nutrition patients on PN with SBS need to be observed closely the first month to prevent dehydration and making appropriate adjustments to the home PN volume is essential,” said Mary Englert, MS, RD, CSO, LDN, CNSC, Area Lead, Nutrition Support Dietitian at Option Care and lead author of the study. “Every intervention decreases the likelihood of the patient being readmitted to the hospital and this study highlights the value of a nutrition team in providing clinical monitoring and nutrition support, which leads to improved patient care and significant cost savings.”
The study included 116 patients with SBS who received home PN after being discharged from the hospital. The Registered Dietitian-led nutrition support team provided ongoing evaluation by reviewing labs weekly and conducting a thorough nutrition assessment, recommending adjustments to the volume of PN when indicated for a total of 63 proactive interventions during the four-week review period. The most common reasons for home PN volume adjustments were: to meet the patient’s estimated fluid needs (56 percent); lab values reflecting dehydration (22 percent) and increased gastrointestinal output (22 percent).
Only 14 of the study patients were readmitted to the hospital within two weeks of discharge, none resulting from dehydration. Readmissions were due to: abscess/infection not related to PN (35.7 percent); line infection/replacement (21.4 percent); bowel obstruction (14.3 percent) and nausea/vomiting, feeding tube replacement, chest pain and unknown (7.1 percent each).
The researchers determined the interventions correlated to 189 hospital days prevented and $378,000 in costs saved in one month. Projected over one year that equates to 2,268 hospital days prevented and over $4.5 million in savings.
Also presented at ASPEN:
In another Option Care study[*]Hughey M, Corey B. Early Clinical Intervention Increases Compliance and Decreases Unnecessary Discontinuation in SBS Patients treated with Teduglutide. Abstract presented at the American Society for Parenteral and Enteral Nutrition (ASPEN) 2019 Nutrition Science & Practice Conference; March 23-26, 2019, Phoenix. presented at ASPEN, 162 SBS patients were proactively screened for appropriate dosing before receiving teduglutide, which helps increase fluid and nutrient absorption resulting in decreased dependence on Parenteral Support. The clinical intervention resulted in recommended reductions to the prescribed dose in 64 of the patients (40 percent), half of which were based on impaired kidney function. Ensuring patients receive the appropriate dose reduces potential therapy complications including fluid overload, worsening kidney function and premature therapy discontinuation.
About Option Care
Option Care Enterprises, Inc. (Option Care) is the nation’s leading and most trusted provider of home and alternate site infusion therapy services. Holding accreditations from industry quality organizations ACHC, PCAB, ASHP and URAC,[*]Accreditation Commission for Health Care (ACHC), Pharmacy Compounding Accreditation Board (PCAB), American Society of Health-System Pharmacists (ASHP) and URAC the company draws on nearly 40 years of clinical care experience to offer patient-centered therapy management. Option Care’s signature infusion services include the clinical management of infusion medicines, nursing support and care coordination. Option Care’s multidisciplinary team of more than 1,800 clinicians — including pharmacists, nurses and dietitians — are able to provide infusion service coverage for nearly all patients across the United States needing treatment for complex and chronic conditions. Learn more at www.OptionCare.com.
Creates a Leading Independent Provider of Home and Alternate Site Infusion Services with Deep Clinical Expertise and Broad Therapy Portfolio
Enhanced Scale and Improved Financial Profile Expected to Enable Growth in Attractive and Growing Segment of U.S. Healthcare Market
BioScrip to Issue New Shares to Option Care’s Shareholder, Which Will Own Approximately 80% of Combined Company on Fully Diluted Basis
Combined Company Will Remain Focused on Delivering Favorable Outcomes for Patients, Payors and Providers
DENVER and BANNOCKBURN, Ill., March 15, 2019 — BioScrip, Inc. (NASDAQ: BIOS) (“BioScrip”) and Option Care Enterprises, Inc. (“Option Care”), the nation’s largest independent providers of home and alternate treatment site infusion therapy services, today announced that they have entered into a definitive merger agreement. The combination is expected to create a leading independent provider with the national reach, comprehensive therapy offering and financial capacity to succeed in the attractive and growing home and alternate site infusion services segment of the $100 billion U.S. infusion market.
Under the terms of the merger agreement, BioScrip will issue new shares to Option Care’s shareholder, which is owned by investment funds affiliated with Madison Dearborn Partners, LLC ( “MDP”) and Walgreens Boots Alliance, Inc. (NASDAQ: WBA) (“WBA”), in an all-stock transaction. Upon completion of the transaction, MDP funds and WBA will beneficially own approximately 80% of the combined publicly traded company on a fully diluted basis, with current BioScrip shareholders holding the remainder. The combined company’s common stock will continue to be listed on the Nasdaq Global Market. The transaction has been unanimously approved by the boards of directors of both BioScrip and Option Care.
The combined company will be led by Option Care Chief Executive Officer John Rademacher and Option Care Chief Financial Officer Mike Shapiro and will incorporate the best talent, processes and systems from both Option Care and BioScrip. It also will have a leading, independent clinical platform for delivering high-quality infusion therapy to more patients across the United States and providing superior outcomes for patients, payors and providers. BioScrip President and Chief Executive Officer Daniel E. Greenleaf will remain active in the combined company as a special advisor to its Board of Directors.
Daniel E. Greenleaf, President and Chief Executive Officer of BioScrip, commented, “This is a compelling and complementary fit of two leading players in the U.S. infusion market. Together, we will be able to provide a diverse set of life-improving and cost-effective services to more patients across the United States. Our expanded reach and broader array of offerings provide a key competitive advantage at a time when the demand for home and alternate site infusion services continues to grow. The BioScrip Board and I believe our shareholders will have the compelling opportunity to participate alongside Option Care’s experienced and seasoned shareholders in the long-term potential and value creation opportunities of the combined company.”
John Rademacher, Chief Executive Officer at Option Care, said, “This transaction brings together two organizations and thousands of employees dedicated to creating a best in class experience for our patients and their families. Our goal is to constantly improve the delivery of life-saving therapies and comprehensive care management to the patients we have the privilege of serving. At the center of both organizations is deep clinical expertise and a passion to deliver extraordinary care. We believe combining our unique assets and leading product portfolios will create a powerful, independent platform that will enable delivery of high-quality, cost effective solutions to providers across the country and help facilitate the introduction of innovative new therapies to the marketplace. As an independent provider, we will retain the unique ability to deliver high-quality infusion therapy in the patient-preferred and safer setting of the home or an alternate site to every commercial and governmental payor.
“I am honored to lead the combined company and work with BioScrip’s and Option Care’s talented and dedicated employees, who share a strong commitment to delivering exemplary care that makes a positive difference in people’s lives. I look forward to harnessing the strengths of both of our organizations and industry-leading teams to capitalize on the many growth opportunities this combination creates to drive long-term value for all stakeholders.”
Expected Benefits of the Transaction
- Improved, Cost-Effective Patient Care. Utilizing clinical monitoring and reporting, the combined company’s more than 2,900 skilled clinicians (pharmacists, pharmacy technicians, nurses and dieticians) will develop personalized care plans for patients and be able to provide ongoing quality care in support of complex therapy regimens. With a best-in-class platform that is national in scope, the combined company will also be positioned as the partner of choice for pharmaceutical manufacturers seeking innovative distribution channels and patient support models to access the market. Together, BioScrip and Option Care will cover 96% of the U.S. population, with facilities in 46 states and the ability to dispense and serve patients in all 50 states.
- Enhanced Scale and Therapy Offerings. The combined company will merge BioScrip’s and Option Care’s complementary portfolios and provide products that are currently only available to one of the two businesses, such as Option Care’s access to Cuvitru for the treatment of primary immunodeficiency and Nuzyra™ for the treatment of adults with acute bacterial skin and skin structure infections and community-acquired bacterial pneumonia. The combined company’s expanded geographic coverage, continued independence, leading quality offerings and comprehensive clinical expertise will position it to be a preferred partner for payors, providers, biopharma manufacturers and patients. Furthermore, its enhanced scale will enable it to capture scale efficiencies and create additional vectors of growth through new product and service introductions.
- Powerful Growth Engine in Attractive Industry. Home and alternate site infusion, which currently accounts for approximately 12% of the $100 billion total U.S. infusion market, is estimated to grow approximately 5-7% per year due to attractive market dynamics, including the shift to value-based care that improves clinical outcomes and delivers better results for payors and providers as well. The combined company will have the financial capacity and flexibility, scale and clinical offering diversity to drive organic growth in chronic and acute therapies along with generating growth through operational efficiencies, improved performance in revenue cycle management and innovative new therapy introductions. The combination of BioScrip and Option Care will create a diversified business across payors, therapies and geographies in which no existing payor will account for more than 11% of net revenue.
- Compelling Financial Benefits: The transaction is expected to drive meaningful operating and supply chain efficiencies, generating over $60 million in net synergies forecasted to realize full run-rate within 24 months of the transaction closing. These forecasted synergies and the combined company’s enhanced scale with pro-forma 2018 revenue of more than $2.6 billion are expected to enable top- and bottom-line growth. Additionally, BioScrip and Option Care have secured committed financing from Bank of America Merrill Lynch, funds affiliated with Ares Management Corporation, and Goldman Sachs Merchant Banking Division to refinance and simplify the combined company’s capital structure, which is expected to have no near-term maturities, no preferred equity and no financial maintenance covenant. The new capital structure is expected to provide the combined company with a materially lower pro-forma combined net leverage ratio, a lower cost of capital, significant additional liquidity and a path for continued de-leveraging. The combined company will pursue a balanced capital allocation strategy, continuing to invest in and enhance patient experiences, as well as its people and services to drive organic growth, while managing its debt profile and continuing to de-lever in a disciplined fashion.
Shareholders and Management Focused on Driving Value Creation
MDP, a leading private equity firm based in Chicago, has a long and successful history investing in health care companies and partnering with them to achieve growth and significant long-term value appreciation. MDP’s notable health care investments include Ikaria Inc., Sage Products, Sirona Dental Systems, Team Health and VWR International. Option Care, formerly Walgreens Infusion Services, has been an independent company since it was separated from WBA in 2015 in a joint investment partnership between MDP funds and WBA.
Timothy P. Sullivan, a Managing Director and Head of the MDP Health Care team and a Director of Option Care, said, “We believe this transaction provides significant shareholder value creation potential and we are excited to remain a major shareholder alongside Walgreens Boots Alliance in the combined company. John, Mike and the joint leadership team bring operational expertise and strong integration track records. Since separating from Walgreens, we have made significant investments in people, process, technology and facilities. This experience, combined with their commitment to patient-centric care, should drive meaningful and long-term shareholder value.”
Rademacher and Shapiro are seasoned health care professionals with significant operational expertise and public company experience. Rademacher has held various executive-level positions at leading public healthcare companies, including Cardinal Health where he served as President and General Manager for both the Ambulatory Care Division and the Nuclear and Pharmacy Services Divisions, and at Cigna Corporation where he served as President of CareAllies and Chief Operating Officer for the CIGNA Behavioral Health business. Shapiro served as the Senior Vice President and Chief Financial Officer for Catamaran Corporation, a publicly-traded pharmacy benefits manager, and led the successful process through which the company was sold to UnitedHealth Group. He also had a longstanding career with Baxter International, holding several financial positions across several businesses and corporate functions.
Rademacher has spearheaded Option Care’s Zenith 20/20 program, which changed the company’s operating model, implementing technology, operational design and facility upgrades throughout the organization. Under his leadership, Option Care has focused on providing high-quality care and improving delivery of services to patients, payors and manufacturers. The combined company, its employees and all stakeholders are expected to benefit from a leadership team focused on creating a culture that connects its clinical expertise and company success to patient outcomes.
In addition to Rademacher and Shapiro, the combined company’s leadership will draw from the experienced teams of both Option Care and BioScrip.
The transaction, which is expected to be completed in the second half of 2019, is subject to the satisfaction of customary closing conditions, including regulatory approvals and approval by BioScrip shareholders.
Conference Call, Webcast and Presentation
BioScrip and Option Care will host a conference call at 9:00 AM ET today, March 15, 2019, to discuss the transaction. The dial-in numbers for the call are (877) 423-9820 (U.S. Toll Free) or (201) 493-6749 (International). A live webcast of the conference call and associated presentation materials will be available under the “Investors” section of BioScrip’s web site at: www.bioscrip.com.
An online replay of the conference call will be available approximately two hours after completion of the conference call in the Investor Relations section of BioScrip’s web site at: www.bioscrip.com.
Advisors
In connection with the transaction, Jefferies LLC and Moelis & Company LLC are acting as joint financial advisors to BioScrip, and Gibson, Dunn & Crutcher LLP is serving as legal advisor. Goldman Sachs & Co. LLC and BofA Merrill Lynch are acting as financial advisors and Kirkland & Ellis LLP is acting as legal advisor to Option Care.
FORWARD LOOKING STATEMENTS
This communication, in addition to historical information, contains “forward-looking statements ” (as defined in the Private Securities Litigation Reform Act of 1995) regarding, among other things, future events or the future financial performance of BioScrip and Option Care. All statements other than statements of historical facts are forward-looking statements. In addition, words such as “anticipate, ” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or the negative of these words, and words and terms of similar substance used in connection with any discussion of future plans, actions or events identify forward-looking statements.
Forward-looking statements relating to the proposed transaction include, but are not limited to: statements about the benefits of the proposed transaction between BioScrip and Option Care, including future financial and operating results; BioScrip’s and Option Cares plans, objectives, expectations and intentions; the expected timing of completion of the proposed transaction; and other statements relating to the acquisition that are not historical facts. Forward-looking statements are based on information currently available to BioScrip and Option Care and involve estimates, expectations and projections.
Investors are cautioned that all such forward-looking statements are subject to risks and uncertainties (both known and unknown), and many factors could cause actual events or results to differ materially from those indicated by such forward-looking statements. With respect to the proposed transaction between BioScrip and Option Care, these factors could include, but are not limited to: the risk that BioScrip or Option Care may be unable to obtain governmental and regulatory approvals required for the transaction, or that required governmental and regulatory approvals may delay the transaction or result in the imposition of conditions that could reduce the anticipated benefits from the proposed transaction or cause the parties to abandon the proposed transaction; the risk that a condition to closing of the transaction may not be satisfied; the length of time necessary to consummate the proposed transaction, which may be longer than anticipated for various reasons; the risk that the businesses will not be integrated successfully; the risk that the cost savings, synergies and growth from the proposed transaction may not be fully realized or may take longer to realize than expected; the diversion of management time on transaction-related issues; the effect of future regulatory or legislative actions on the companies or the industries in which they operate; the risk that the credit ratings of the combined company or its subsidiaries may be different from what the companies expect; economic and foreign exchange rate volatility; and the other risks contained in BioScrip’s most recently filed Annual Report on Form 10-K.
Many of these risks, uncertainties and assumptions are beyond BioScrip’s ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the information currently available to the parties on the date they are made, and neither BioScrip nor Option Care undertakes any obligation to update publicly or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this communication. Nothing in this communication is intended, or is to be construed, as a profit forecast or to be interpreted to mean that earnings per BioScrip share for the current or any future financial years or those of the combined company, will necessarily match or exceed the historical published earnings per BioScrip share, as applicable.
Neither BioScrip nor Option Care gives any assurance (1) that either BioScrip or Option Care will achieve its expectations, or (2) concerning any result or the timing thereof, in each case, with respect to any regulatory action, administrative proceedings, government investigations, litigation, warning letters, consent decrees, cost reductions, business strategies, earnings or revenue trends or future financial results. All subsequent written and oral forward-looking statements concerning BioScrip, Option Care, the proposed transaction, the combined company or other matters and attributable to BioScrip or Option Care or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
BioScrip, Inc. (“BioScrip” or the “Company”) will file with the Securities and Exchange Commission (“SEC”) a proxy statement in connection with the proposed transaction. The proxy statement will contain important information about the proposed transaction and related matters. INVESTORS AND SECURITY HOLDERS ARE URGED AND ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION.
The proxy statement and other relevant materials (when they become available) and any other documents filed by the Company with the SEC may be obtained free of charge at the SEC’s website, at www.sec.gov. In addition, security holders will be able to obtain free copies of the proxy statement and other relevant materials from the Company by contacting Investor Relations by mail at 1600 Broadway, Suite 700, Denver, CO 80202, Attn: Investor Relations, by telephone at (720) 697-5200, or by going to the Company’s Investor Relations page on its corporate web site at https://investors.bioscrip.com.
PARTICIPANTS IN THE SOLICITATION
The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies from stockholders in connection with the matters discussed above. Information about the Company’s directors and executive officers is set forth in the Proxy Statement on Schedule 14A for the Company’s 2018 annual meeting of stockholders, which was filed with the SEC on April 4, 2018. This document can be obtained free of charge from the sources indicated above.
Information regarding the ownership of the Company’s directors and executive officers in the Company’s securities is included in the Company’s SEC filings on Forms 3, 4, and 5, which can be found through the SEC’s website at www.sec.gov. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the preliminary proxy statement and the definitive proxy statement and other relevant materials to be filed with the SEC when they become available.
About BioScrip, Inc.
BioScrip, Inc. is one of the largest independent national providers of infusion and home care management solutions, with approximately 2,100 teammates and nearly 70 service locations across the U.S. BioScrip partners with physicians, hospital systems, payors, pharmaceutical manufacturers and skilled nursing facilities to provide patients access to post-acute care services. BioScrip operates with a commitment to bring customer-focused pharmacy and related healthcare infusion therapy services into the home or alternate-site setting. By collaborating with the full spectrum of healthcare professionals and the patient, BioScrip provides cost-effective care that is driven by clinical excellence, customer service, and values that promote positive outcomes and an enhanced quality of life for those it serves.
About Option Care
Option Care Enterprises, Inc. (Option Care) is the nation’s leading and most trusted provider of home and alternate site infusion services. Holding accreditations from industry quality organizations ACHC, PCAB, ASHP and URAC,* the company draws on nearly 40 years of clinical care experience to offer patient-centered therapy management. Option Care’s signature infusion services include the clinical management of infusion medicines, nursing support and care coordination. Option Care’s multidisciplinary team of more than 1,800 clinicians “including pharmacists, nurses and dietitians” are able to provide infusion service coverage for nearly all patients across the United States needing treatment for complex and chronic conditions. Learn more at www.OptionCare.com.
ORLANDO, Fla., March 11, 2019 — New research by Option Care Enterprises, Inc. (“Option Care”), the nation’s leading provider of home and alternate site infusion therapy services, suggests the method of antibiotic intravenous (IV) administration can improve patient compliance while decreasing costs. The study[*]Wurdeman J, Decaminada G, Andrusko-Furphy K, et al. Comparison of compliance and comprehensive cost for various methods of administration of intravenous antibiotics in a home infusion setting. Poster presented at the National Home Infusion Association (NHIA) Annual Conference; March 9-13, 2019, Orlando, Fla. was presented today at the National Home Infusion Association (NHIA) Annual Conference and is a finalist for the “Outstanding Abstract Achievement Award.
The researchers analyzed patient compliance by comparing four techniques for antibiotic self-administration and determined ease of providing therapy was a significant factor. They concluded patients were significantly more likely to comply with therapy if they used the elastomeric pump or IV push than if they used the gravity/mini bag or electronic pump. Additionally, in many cases IV push and elastomeric pump are less costly.
“There’s a common perception that the gravity/mini bag is the least expensive method, but our research shows not only are IV push and elastomeric pump often more cost-effective, but patients find them easier to use, decreasing the likelihood that they will skip doses, which can lead to failed therapy and hospital readmission,” said Julie Wurdeman, PharmD, an Option Care infusion pharmacist and primary author of the study. “Our findings have implications for helping establish the most appropriate method of administration and underscore the value of collaboration among patients and the care team.”
The type of IV antibiotic therapy typically is chosen by the pharmacist in collaboration with the physician and determined by several factors including the medication, frequency of therapy (typically one to three times a day), rate of infusion as well as provider preference, patient lifestyle and age. The research suggests that patient compliance and cost should be factored into the equation.
Researchers studied treatment compliance in 688 Option Care home infusion patients who were treated between October 2017 and October 2018 and who missed one or more doses of IV antibiotics. They found the percentage of doses missed by technique was: 2.6 percent elastomeric pump, 2.7 percent IV push, 5 percent mini bag and 8.6 percent electronic pump.
There is a wide variation between methods in the cost of administration (factoring in equipment, compounding and patient education, but not medication), including a 209 percent difference between the least-expensive, IV push, and the most-expensive, electronic pump. The cost varies depending on the number of times per day and the rate at which the antibiotic is provided, as well as whether equipment can be reused and other factors.
In home antibiotic therapy, the patient infuses the medication through a catheter (placed by a nurse in a vein, usually in the hand or arm). The medication typically is administered one of four ways:
- IV push: The patient injects the medication via a syringe. This process is easy to learn, portable and fast.
- Elastomeric pump: The tennis ball-sized device comes pre-filled with the medication and self-squeezes it through tubing into a port the patient inserts into the catheter. This technique is easy to learn, precise and portable.
- Gravity/mini bag: The patient hangs the bag of medication on a pole and inserts the end of the tube into the catheter. The equipment involves set-up and is bulky, so it is not easily portable.
- Electronic pump: The patient connects the medication to the pump as well as the tube into the catheter and turns on the pump. The equipment involves set-up and is bulky, requiring the patient to carry the pump wherever he or she goes.
“While the type of antibiotic and rate of administration are the most important factors in determining the method of administration, in many cases there is flexibility,” said Wurdeman. “It’s important to consider all factors — including patient preference — which can help improve compliance and decrease costs.”
For its first Outstanding Abstract Achievement Award, the National Home Infusion Foundation chose abstracts that examine an innovative approach to clinical practice; identify a best practice or improve quality; are relevant to a current challenge, issue or question facing the home infusion industry; employ an effective study design/methodology to achieve results and have the ability to be expanded to a larger study.
Another Option Care study[*]Cheung K, Rout T, Banerjee U, et al. A Retrospective Evaluation of the Frequency of Vancomycin Monitoring and its Effects on Home Infusion Patients. Poster presented at the National Home Infusion Association (NHIA) Annual Conference; March 9-13, 2019, Orlando, Fla. being presented at NHIA compared results associated with frequency of therapeutic drug monitoring (TDM) among 100 patients treated with home infusion of high-dose vancomycin (a commonly prescribed antibiotic), half of whom were monitored weekly and half twice weekly. Researchers detected a potential trend that major events such as emergency department visits or hospital admissions were less prevalent among patients 55 and older who received high-dose vancomycin with twice-weekly TDM.
About Option Care
Option Care Enterprises, Inc. (Option Care) is the nation’s leading and most trusted provider of home and alternate site infusion services. Holding accreditations from industry quality organizations ACHC, PCAB, ASHP and URAC,[*]Accreditation Commission for Health Care (ACHC), Pharmacy Compounding Accreditation Board (PCAB), American Society of Health-System Pharmacists (ASHP) and URAC the company draws on nearly 40 years of clinical care experience to offer patient-centered therapy management. Option Care’s signature infusion services include the clinical management of infusion medicines, nursing support and care coordination. Option Care’s multidisciplinary team of more than 1,800 clinicians — including pharmacists, nurses and dietitians — are able to provide infusion service coverage for nearly all patients across the United States needing treatment for complex and chronic conditions. Learn more at www.OptionCare.com.