Option Care Health Completes Acquisition of Specialty Pharmacy Nursing Network Inc.

Rhea-AI Summary

Option Care Health (Nasdaq: OPCH) announced the acquisition of Specialty Pharmacy Nursing Network Inc. (SPNN) for $60 million in cash, finalized on April 11, 2022. This acquisition enhances Option Care's nursing capabilities, expanding its team to over 2,900 nurses nationwide. SPNN, a leader in providing specialized nursing resources, will continue its operations as a separate unit within Option Care Health. CEO John Rademacher emphasized that this move aligns with their strategy to improve infusion care and ensures future growth opportunities.

Positive

• Acquired SPNN enhances nursing capabilities and expands nursing team to over 2,900.
• Strategic investment expected to support future growth in infusion care services.

Negative

• None.

BANNOCKBURN, Ill., April 12, 2022 (GLOBE NEWSWIRE) -- Option Care Health, Inc. (“Option Care Health”) (Nasdaq: OPCH), the largest independent provider of home and alternate site infusion services in the United States, announced today that it has completed the acquisition of Specialty Pharmacy Nursing Network Inc. (“SPNN”). SPNN is a national leader in providing highly skilled specialty nursing resources across a broad portfolio of healthcare providers with over 400 nurses across the country.

The acquisition builds upon the market-leading nursing platform Option Care Health established with its acquisition of Infinity Infusion Nursing LLC (“Infinity”) to expand access to clinical resources across the United States. Leveraging Option Care Health’s national infrastructure, the acquisitions of Infinity and SPNN establish a more comprehensive clinical platform focused on delivering extraordinary care. The consummation of the SPNN acquisition expands Option Care Health’s nursing team to more than 2,900 nurses nationwide.

“I am thrilled to welcome the entire SPNN team to the Option Care Health family. SPNN’s track record of growth and clinical expertise is unsurpassed and highly complementary to our relentless focus on reimagining the infusion care experience. The acquisition is a critical strategic investment to further enable our future growth”, commented John Rademacher, Chief Executive Officer of Option Care Health.

Option Care Health acquired SPNN on April 11, 2022, for $60 million in an all-cash transaction. SPNN will maintain its current operations and continue to serve a broad array of infusion providers, specialty pharmacies and biopharmaceutical manufacturers as a separate enterprise within Option Care Health.

About Option Care Health

Option Care Health is the largest independent provider of home and alternate site infusion services in the United States. With over 7,000 team members, including approximately 4,700 clinicians, we work compassionately to elevate standards of care for patients with acute and chronic conditions in all 50 states. Through our clinical leadership, expertise and national scale, Option Care Health is reimagining the infusion care experience for patients, customers and teammates.

Investor Contacts
Mike Shapiro
Chief Financial Officer
T: (312) 940-2538
mike.shapiro@optioncare.com

Bob East, Asher Dewhurst, Jordan Kohnstam
Westwicke
T: (413) 213-0500
optioncarehealth@westwicke.com

FAQ

What is the purpose of Option Care Health's acquisition of SPNN?

The acquisition aims to enhance nursing capabilities and expand access to clinical resources across the United States.

How much did Option Care Health pay for the acquisition of SPNN?

Option Care Health acquired SPNN for $60 million in an all-cash transaction.

When was the SPNN acquisition completed?

The acquisition of SPNN by Option Care Health was completed on April 11, 2022.

What impact will the SPNN acquisition have on Option Care Health's operations?

SPNN will operate as a separate entity within Option Care Health, maintaining its current operations and serving a broad array of healthcare providers.