ELMSFORD, N.Y., April 1, 2014 /PRNewswire/ -- BioScrip ®, Inc. (NASDAQ: BIOS) today announced that it has completed the previously announced sale of substantially all of its Home Health business, known as Deaconess HomeCare, to LHC Group, Inc. (NASDAQ: LHCG). The transaction represents a total deal value of approximately $60 million. BioScrip intends to use the net proceeds from the sale to pay down a portion of its outstanding debt.
"With the completion of the Home Health transaction, we now have additional financial flexibility to continue building on BioScrip's solid foundation in home infusion services," said Rick Smith, President and Chief Executive Officer of BioScrip. "We continue to position BioScrip as a leader in the home infusion industry. We look forward to optimizing the value of our assets while maintaining our reputation for clinical excellence."
Mr. Smith continued, "Once again, we would like to express our appreciation for all that the Deaconess employees have accomplished. We believe that with LHC Group, the Deaconess family will achieve continued success."
Cain Brothers & Co., LLC acted as BioScrip's financial advisor in connection with the transaction and Polsinelli PC acted as BioScrip's legal advisor.About BioScrip, Inc. BioScrip, Inc. is a leading national provider of infusion solutions. BioScrip partners with physicians, healthcare payors, government agencies, hospital systems and pharmaceutical manufacturers to provide patients access to post-acute care services. BioScrip operates with a commitment to deliver customer-focused pharmacy and related healthcare infusion therapy services in alternate-site settings. By collaborating with the full spectrum of healthcare professionals and the patient, BioScrip provides cost-effective care that is driven by quality, customer service, and values that promote positive outcomes and an enhanced quality of life for those it serves. BioScrip provides its infusion services from 81 locations across 29 states.