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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

d on the space, we have been able to identify on a conservative basis an estimated $37 million in cost synergies that a strategic acquirer (including any of BIOS's public company peers listed in Appendix 1 and numerous privately held regional pharmacy services companies) could potentially realize in owning the business by culling redundant management positions, shifting operations to its existing systems and realizing immediately the drug purchasing and other operational scale benefits that BIOS has failed to achieve; see Appendix 2.(2) Therefore, even at present, depressed market multiples, we believe the Company's assets could be worth an incremental $315 million or more to a strategic buyer of the whole business.(3) This implies a potential valuation approximately 4.3x the current stock price.

(1) The Corporate overhead value noted is an estimate based on analyses of competing and comparable businesses' expense structures because specific Corporate operating data is not provided by the Company. One of the greatest impediments facing a potential acquirer is the lack of transparency in BIOS's financial reporting, which we have attempted to address with our enclosed analyses.

(2) This does not include additional potential annual savings from the elimination of duplicative, non-customer-facing distribution and corporate office locations, which could be material, or savings generated through increased generic substitutions and mail penetration. Further, this also does not include the potential value to a strategic acquirer of approximately $44.3 million of federal and state net operating loss carryforwards as of 12/31/08.

(3) BIOS's current market equity value is approximately $99 million.

To maximize value for all shareholders, we respectfully request that the Board:

  1. Instruct management to aggressively drive cost rationalization
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SOURCE Anchor Capital
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