Navigation Links
Express Scripts Launches Equity Offering to Finance Acquisition
Date:6/2/2009

ST. LOUIS, June 2 /PRNewswire-FirstCall/ -- Express Scripts, Inc. (Nasdaq: ESRX) announced that it is commencing a public offering of 23,000,000 shares of its common stock pursuant to an automatic shelf registration statement on Form S-3 filed today with the Securities and Exchange Commission ("SEC"). The Company will grant the underwriters an option for 30 days to purchase up to 3,450,000 additional shares of common stock to cover over-allotments, if any. The Company estimates net proceeds from the offering will be approximately $1.4 billion, or $1.6 billion if the underwriters exercise their over-allotment in full. The Company plans to use the net proceeds from the equity offering to pay a portion of the $4.675 billion purchase price for the previously announced acquisition of WellPoint's pharmacy benefit management business. The total acquisition consideration is composed of $3.275 billion in cash and $1.4 billion in shares of common stock. Under the acquisition agreement, the Company may instead choose to deliver to WellPoint $1.4 billion in cash. The Company currently intends to use the net proceeds of the equity offering to pay this portion of the consideration in cash instead of common stock. In addition, subject to market conditions, the Company intends to commence a public offering of senior notes of a benchmark size in the near term pursuant to the registration statement as part of the acquisition financing plan. The acquisition is expected to close in the late third quarter or fourth quarter of 2009.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

J.P. Morgan Securities Inc., Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. will act as joint bookrunning managers of the equity offering.

The Company has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and the applicable prospectus supplement and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus relating to the offering if you request it by calling J.P. Morgan Securities Inc. at 718-242-8002, Credit Suisse Securities (USA) LLC at 800-221-1037 or Citigroup Global Markets Inc. at 800-831-9146.

About Express Scripts

Express Scripts is one of the largest full-service pharmacy benefit management companies in North America, providing healthcare management and administration services to HMOs, health insurers, third-party administrators, employers, union-sponsored benefit plans, workers' compensation plans and government health programs. The Company assists plan sponsors in addressing access and affordability concerns resulting from rising drug costs while helping to improve health outcomes. The Company's integrated PBM services include network claims processing, home delivery services, patient care and direct specialty home delivery to patients, benefit design consultation, drug utilization review, formulary management, drug data analysis services, distribution of injectable drugs to patients' homes and physicians offices, bio-pharma services and other services.

Express Scripts is headquartered in St. Louis, Missouri. More information can be found on Express Scripts' website, which includes expanded investor information and resources.

SAFE HARBOR STATEMENT

This press release contains forward-looking statements, including, but not limited to, statements related to the Company's plans, objectives, expectations (financial and otherwise) or intentions. Actual results may differ significantly from those projected or suggested in any forward-looking statements. Factors that may impact these forward-looking statements can be found in the prospectus relating to the offering under the caption "Risk Factors" and in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 10-Q on file with the SEC. A copy of this form can be found at the Investor Relations section of Express Scripts' website.

The Company does not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.


'/>"/>
SOURCE Express Scripts, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Endologix Announces Full Commercial Launch of IntuiTrak Express Delivery System
2. Express Scripts Announces Expiration of Hart-Scott-Rodino Waiting Period for Acquisition of WellPoints NextRx Subsidiaries
3. SYNTAX Substudy Shows Positive Outcomes for Left Main Patients Treated With TAXUS(R) Express2(R) Stent System
4. Clinic Service Announces Agreement to Provide Billing Service to MedExpress
5. Express Scripts to Present at Deutsche Bank Health Care Conference
6. AIDS Action Welcomes Presidents Budget Increases Yet Expresses Distress With Failure to End Federal Ban on Syringe Exchange Funding
7. Expression of infrared fluorescence engineered in mammals
8. War and Musculoskeletal Injury Prompt Artistic Expression
9. National Long Term Care Leaders Praise Overall Baucus Health Reform Effort, Express Specific Concerns Moving Forward
10. Express Scripts Reports First Quarter EPS of $0.86, up 23%
11. General Public and Physicians Express Similar Levels of Concern Regarding Potential Swine Flu Pandemic
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/26/2016)... ... 2016 , ... Brent Kasmer, a legally blind and certified personal trainer is helping to develop ... The fitness app plans to fix the two major problems leading the fitness industry today:, ... all type program , They don’t eliminate all the reasons people quit their ...
(Date:6/25/2016)... , ... June 25, 2016 , ... "With 30 hand-drawn ... specific project," said Christina Austin - CEO of Pixel Film Studios. , ProHand ... all within Final Cut Pro X . Simply select a ProHand generator and ...
(Date:6/25/2016)... ... , ... Conventional wisdom preaches the benefits of moderation, whether it’s a matter ... bar too high can result in disappointment, perhaps even self-loathing. However, those who set ... , Research from PsychTests.com reveals that behind the tendency to set low ...
(Date:6/24/2016)... ... 2016 , ... The Pulmonary Hypertension Association (PHA) learned during ... two significant new grants to support its work to advance research and patient ... recognizing patients, medical professionals and scientists for their work in fighting pulmonary hypertension ...
(Date:6/24/2016)... TX (PRWEB) , ... June 24, 2016 , ... People ... part in Genome magazine’s Code Talker Award, an essay contest in which patients and ... an award to be presented at the 2016 National Society of Genetic Counselors (NSGC) ...
Breaking Medicine News(10 mins):
(Date:6/26/2016)... Story Highlights: ... the health care industry is causing providers to review ... Deloitte offers a suite of solutions for health care ... cost optimization: labor resource analysis, revenue cycle optimization and ... outcomes and better economics ...
(Date:6/24/2016)... , June 24, 2016 ... has announced the addition of the " Global ... This report ... provides an updated review, including its applications in various ... total market, which includes three main industries: pharmaceutical and ...
(Date:6/24/2016)... 2016 Research and Markets has announced ... Diagnostic Tests" report to their offering. ... The World Market for Companion Diagnostics covers ... Market analysis in the report includes the following: ... Diagnostic Kits) by Region (N. America, EU, ROW), 2015-2020 ...
Breaking Medicine Technology: