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Anchor Capital Calls on BioScrip Board to Pursue Cost Reductions While Exploring Strategic Sale to Unlock Shareholder Value
Date:4/27/2009

Argues That Best Opportunity to Maximize Shareholder Value Is Through A Sale to A Strategic Acquirer.

RALEIGH, N.C., April 27 /PRNewswire/ -- Anchor Capital, a stockholder of BioScrip, Inc. (Nasdaq: BIOS), announced today that it has sent a letter to the Board of Directors of BioScrip in which Anchor Capital argues that BioScrip's shareholder value would be maximized through simultaneous i) cost rationalizations and ii) exploration of strategic alternatives to unlock the considerable shareholder value, with focus on a sale to a strategic acquirer.

Speaking on behalf of Anchor Capital, Clay Dunnagan explained that he believes shareholders have lost patience with BioScrip's frequent missteps causing the shares to decline 67.4% since 12/31/07. Mr. Dunnagan added that time is of the essence to improve operations and complete a transaction because BioScrip's competitors are better operated, better capitalized and better positioned.

Based on Anchor Capital's analysis of potential cost reductions and strategic acquirer synergies of at least $37 million and despite present, depressed peer group trading multiples, as set forth in an analysis included with the letter, Anchor Capital estimates that a sale to a strategic buyer could potentially yield an increase of over 325% per share from BioScrip's April 22nd closing price. Mr. Dunnagan explained that in his opinion BioScrip's current cost structure and competitive position are denying shareholders the ability to recognize maximum value for their investment. Mr. Dunnagan respectfully called on the Board to provide its view regarding a strategic sale as soon as possible.

The full text of the letter follows:

April 23, 2009

Members of the Board

c/o Barry A. Posner, Executive Vice President

BioScrip, I
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SOURCE Anchor Capital
Copyright©2009 PR Newswire.
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