Option Care Health down as Walgreens cashes out

Option Care Health

09/06/2023 14:29

** Option Care Health Inc's  OPCH.O  shares down 2.4% at
$30.58 premarket as Walgreens Boots Alliance  WBA.O  divests
remaining stake in the infusion therapy services provider 
    ** Drugstore chain late Thurs said it sold remaining ~10.8
mln OPCH shares in Rule 144 transaction for proceeds of ~$330
mln
    ** WBA plans to use proceeds primarily for debt paydown,
continued support of strategic priorities and transformation to
consumer-centric healthcare firm
    ** Transaction equates to OPCH price of roughly $30.64, per
the securities filing. OPCH closed at $31.34 on Thurs, up 4% YTD
    ** Option Care has ~179.8 mln shares outstanding, per
Refinitiv
    ** On May 4, OPCH closed down ~16% at $27.50 after it said
it would acquire Amedisys Inc  AMED.O  in an all-stock deal
valued at $3.6 bln, as analysts said the deal is not without
risk due to Amedisys's execution concerns
    ** WBA's shares, off fractionally before the bell, closed at
$31.85 on Thurs, down ~15% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))