MEMPHIS, Tenn., Oct. 10 /PRNewswire-FirstCall/ -- Accredo Health, Incorporated, a wholly-owned subsidiary of Medco Health Solutions, Inc. , today announced a definitive agreement to acquire selected assets of Pediatric Services of America, Inc.'s specialty pharmacy business in a cash transaction of approximately $72 million. The transaction is subject to regulatory approval and customary closing conditions.
"The treatment and care of pediatric patients with rare diseases, such as hemophilia, is the foundation on which Accredo was built," said David D. Stevens, president and chief executive officer of Accredo. "The acquisition of PSAI's specialty pharmacy assets is consistent with our growth strategy and provides a unique opportunity to expand our business."
Accredo Health, Incorporated, a wholly-owned subsidiary of Medco Health Solutions, Inc. , provides specialized pharmacy and related services pursuant to agreements with biotechnology drug manufacturers relating to the treatment of patients with certain costly, chronic diseases. The Company's services include collection of timely drug utilization and patient compliance information, patient education and monitoring through the use of written materials and telephonic consultation, reimbursement expertise and overnight drug delivery.
Safe Harbor Statement
This news release contains statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of management of both companies. There are a number of risks and uncertainties that could cause actual results to differ materially. For example, the companies may be unable to obtain regulatory approval for the transaction; problems may arise in successfully integrating the acquired assets; the transaction may involve unexpected costs; the businesses may suffer as a result of uncertainty surrounding the transaction; and the industry may be subject to future regulatory or legislative actions.
Medco Health Solutions, Inc.
CONTACT: Investors: Susan Cramer, +1-201-269-6187 or Media: Ann Smith,+1-201-269-5984, both of Medco Health Solutions, Inc.