Option Care Health falls as Walgreens sells 15.5 mln shares

Option Care Health

02/03/2023 11:22

** Shares of infusion therapy services provider Option Care
Health  OPCH.O  down 3.5% at $30.20 premarket after overnight
secondary prices
    ** Walgreens Boots Alliance  WBA.O  sells 13 mln shares in
public offering at $30.75, 1.7% discount to OPCH's last sale
    ** OPCH concurrently repurchases ~2.5 mln shares from the
drugstore chain
    ** WBA says to use proceeds primarily for debt paydown,
continued support of its strategic priorities
    ** Sale more than halves WBA's stake in OPCH from ~14% to
~6%, or about 11 mln shares
    ** WBA last reduced its OPCH holdings by offloading 11 mln
shares in Aug secondary priced at $33.25
    ** OPCH last week posted Q4 results in-line with Refinitiv
estimates, projected 2023 net rev of $4.15-$4.375 bln and
announced $250 mln stock buyback
    ** Through Weds close, OPCH shares up ~4% YTD
    ** WBA's shares off ~6% to start 2023. Stock off 0.5% at
$35.04 before the bell

 (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))