Priority Healthcare Corporation Acquires Integrity Healthcare Services, a Specialty Infusion Pharmacy
21 June 2004 - 10:09PM
PR Newswire (US)
Priority Healthcare Corporation Acquires Integrity Healthcare
Services, a Specialty Infusion Pharmacy LAKE MARY, Fla., June 21
/PRNewswire-FirstCall/ -- Priority Healthcare Corporation
(NASDAQ:PHCC) announced today that it has entered into a definitive
agreement to acquire 100 percent of the outstanding stock of
Integrity Healthcare Services, a specialty infusion pharmacy with
23 branches in 16 states. The transaction is expected to close
during the next 30 days. "Integrity Healthcare is a very important
and strategic acquisition for Priority Healthcare for several
reasons. First, it broadens our platform to enable us to provide a
greater spectrum of high-touch therapies by establishing a more
regional presence with our pharmacy and clinical services. This is
important both for current opportunities as well as the significant
number of drugs in the biotech pipeline requiring infusion
support," said Steve Cosler, President and Chief Executive Officer
of Priority Healthcare. "In addition, we will expand our Medicaid
presence, strengthen our relationships with physicians in our focus
specialties, broaden the therapeutic and disease areas we service,
and strengthen our clinical capabilities. We are also very excited
that the management team of Integrity Healthcare will join Priority
Healthcare to provide leadership for our future growth in this
area." Francis "Chip" McNamara, President and Chief Executive
Officer of Integrity Healthcare stated, "We are very excited about
combining Integrity Healthcare with Priority Healthcare to create a
unique and powerful platform in specialty pharmacy. Priority
Healthcare will enable us to gain access to more payor lives as
well as access to capital to continue to build out our platform
throughout the country on a more rapid basis." "Integrity
Healthcare has a strong track record of success as evidenced by
their 2003 revenues which were approximately $65 million," added
Steve Saft, Chief Financial Officer of Priority Healthcare. "The
acquisition price is consistent with our historical valuations and
the transaction should be accretive to EPS in the fourth quarter of
2004." About Integrity Healthcare Services Integrity Healthcare
Services is a specialty infusion company headquartered in
Louisville, KY with 23 branches in 16 states in the Midwest and
Southern areas of the United States. Integrity Healthcare provides
comprehensive programs for patients, payors, and physicians across
a number of disease states and conditions including cancer, growth
deficiency, hepatitis C, RSV, infections, nutrition deficiency,
autoimmune diseases, neurologic disorders, and respiratory and
cardiac conditions. Additional information on Integrity Healthcare
Services is available at http://www.integrityhealthcare.com/. About
Priority Healthcare Corporation Priority Healthcare Corporation is
a national specialty pharmacy and distributor that provides
biopharmaceuticals, complex therapies, and related disease
treatment services. Priority Healthcare provides comprehensive
programs for patients, payors, physicians, and pharmaceutical
manufacturers for a growing number of disease states including
cancer, hepatitis C, respiratory and pulmonary conditions,
infertility, rheumatoid arthritis, hemophilia, multiple sclerosis,
Parkinson's disease, and macular degeneration. Additional
information regarding Priority Healthcare is available online at
http://www.priorityhealthcare.com/ Certain statements included in
this press release, which are not historical facts, are
forward-looking statements. Such forward-looking statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements represent our expectations or beliefs and involve
certain risks and uncertainties, including those described in our
public filings with the United States Securities and Exchange
Commission; also including, but not limited to, changes in interest
rates, competitive pressures, changes in customer mix, changes in
third party reimbursement rates, financial stability of major
customers, changes in government regulations or the interpretation
of these regulations, changes in supplier relationships, growth
opportunities, cost savings, revenue enhancements, synergies and
other benefits anticipated from acquisition transactions,
difficulties relative to integrating acquired businesses, the
accounting and tax treatment of acquisitions, and asserted and
unasserted claims, which could cause actual results to differ from
those in the forward-looking statements. The forward-looking
statements by their nature involve substantial risks and
uncertainties, certain of which are beyond our control, and actual
results may differ materially depending on a variety of important
factors. You are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date herein.
http://www.newscom.com/cgi-bin/prnh/20030417/PHCLOGODATASOURCE:
Priority Healthcare Corporation CONTACT: Stephen Saft, Chief
Financial Officer of Priority Healthcare Corporation,
+1-407-804-6700 Web site: http://www.priorityhealthcare.com/
http://www.integrityhealthcare.com/
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