SOURCE: King & Spalding

King & Spalding

February 02, 2012 09:31 ET

King & Spalding Advises BioScrip in Sale of Specialty Pharmacies and Centralized Specialty and Mail Service Pharmacy to Walgreens

NEW YORK, NY--(Marketwire - Feb 2, 2012) - King & Spalding advised BioScrip, Inc. on the sale of certain assets of its community specialty pharmacies and centralized specialty and mail service pharmacy businesses to Walgreens Co. for a total deal value of $225 million, which includes approximately $170 million in cash at closing and retention by BioScrip of associated accounts receivable and working capital liabilities of approximately $55 million, based on BioScrip's balance sheet values at December 31, 2011.

BioScrip said it will use the proceeds from the sale to focus on and expand its infusion pharmacy business, execute on strategic growth opportunities and pay down debt.

For more information about the transaction, click here.

The King & Spalding legal team involved in the transaction was led by New York corporate partner E. William Bates, II, and included the following lawyers:

Corporate:
Monika Roth (associate, New York)
Lashawnta Enright (associate, New York)

Capital Transactions/Real Estate:
Kathleen S. Minniti (counsel, New York)
Sheryl Kass (associate, New York)

Tax:
Kenneth A. Raskin (partner, New York)
John K. Sweet (partner, New York)
Donna W. Edwards (counsel, Atlanta)

Business Litigation:
Richard A. Cirillo (partner, New York)
Samuel M. Matchett (partner, Atlanta)

Healthcare:
Robert M. Keenan (partner, Atlanta)

Intellectual Property:
Emily B. Brown (associate, Atlanta)

Antitrust:
Peter M. Todaro (partner, Washington)
Brian R. Meiners (counsel, Washington)
Kathleen A. Ball (associate, Washington)

BioScrip, Inc. is a national provider of specialty pharmacy and home health services that partners with patients, physicians, hospitals, healthcare payors and pharmaceutical manufacturers to provide clinical management solutions and delivery of cost-effective access to prescription medications and home health services.

About King & Spalding
Celebrating more than 125 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 800 lawyers in 17 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality and dedication to understanding the business and culture of its clients. More information is available at www.kslaw.com.

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