Walgreens, Option Care deal advances at fast pace

DEERFIELD, Ill. —Walgreen Co. and Option Care revealed on July 20 that the U.S. Federal Trade Commission and the Antitrust Division of the U.S. Department of Justice granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The move accelerates the timetable for Walgreens’ acquisition of the company.

Walgreens announced July 2 its plan to acquire Option Care, a provider of specialty pharmacy and home infusion services based outside Chicago. Walgreens is offering roughly $850 million in cash and assumed debt for the company, or $19.50 per share in cash.

If approved by Option Care shareholders, the acquisition would propel Walgreens to the fourth-leading position in specialty pharmacy and make it a national force in home infusion, respiratory therapy, home medical equipment and other specialized health services. Walgreens said it will merge Option Care’s national network of more than 100 pharmacies and service components with its own growing specialty pharmacy and home care business, which has grown to 45 home care centers in 18 states, and six Walgreens Specialty Pharmacy locations.