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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

nc.

100 Clearbrook Road

Elmsford, NY 10523

Dear Members of the Board:

Affiliates of Anchor Capital ("Anchor Capital") own 512,297 shares of BioScrip, Inc. ("BIOS" or the "Company") or approximately 1.3% of its outstanding common stock. We are very familiar with the challenges the Company has faced and the efforts made by its management and employees in order to participate in an increasingly competitive pharmacy services industry. High-touch, value-added service levels have been largely replaced over the past 10 years by low-touch, commoditized distribution as the industry has consolidated rapidly, making pricing and economies of scale the chief competitive factors. BIOS has attempted to maintain its market position within this consolidating industry by acquiring various competitors culminating in the 2005 purchase of Chronimed and diversifying its business to include Infusion, Retail and Mail Distribution in addition to its traditional Pharmacy Benefit Manager.

Unfortunately, BIOS has not sufficiently integrated its acquisitions and managed SG&A expenses and, therefore, faces significant near-term headwinds as it competes with more efficient, larger and better-capitalized industry players. Despite the pre-Chronimed merger promise of "significant operational cost saving synergies" from "combining like-kind functions and facilities," BIOS's acquisition program resulted in material growth in SG&A on an absolute basis and as a percentage of revenue. The failure to integrate and rationalize acquisitions is reflected in BIOS's outsized SG&A expense line of approximately $125 million in FY2008, of which we estimate that approximately $30 million is comprised of unallocated corporate overhead (during the most recent earnings call, management mentioned a $4-6 million SG&A reduction over the course of 2009, which we view as insufficient given the opportunity to cut much more and our be
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SOURCE Anchor Capital
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