We all know that cutbacks and/or changes were coming with Walgreens as was noted in the big $ 8 billionWalgreens Has A Bond Sale to Help Finance Purchase of Boots Pharmacy in the UK–$8 Billion
Two Hedge Fund Executives Gain Board Seat Walgreens, Stock Buy Backs To Continue And Increase, As Well Cost Cutting With Products And Maybe Employees
This is interesting as we just saw CVS buy Omni-Care to rush out and provide more drug services to seniors this week as well. We seem like we are also on the same path with too big to fail drug store chains, you think? BD
Walgreens Boots Alliance's home-infusion division has been relaunched as an independent company called Option Care, after the drugstore chain sold a majority stake in the business to a Chicago private equity firm.
Walgreens unloaded the business soon after completing its merger with European pharmacy chain Alliance Boots at the end of last year, as part of a corporatewide restructuring. The newly merged company plans to focus on its retail business and is looking to cut $1.5 billion in costs by the end of 2017.
Option Care mostly delivers medicines in the home, using a team of about 1,000 nurses. These are medicines like antibiotics and chemotherapy that have to be administered intravenously, either via injection or catheters.
The potential growth attracted private equity firm Madison Dearborn Partners, which has an undisclosed majority stake in the business. Terms of the deal were not disclosed when it was first announced in January. Walgreens retains minority ownership in Option Care and has three seats on the nine-member board of directors, Mastrapa said.
