Priority Healthcare Corporation Announces Acquisition of Physicians Formulary

Apr 02, 2001, 01:00 ET from Priority Healthcare Corporation

    LAKE MARY, Fla., April 2 /PRNewswire/ -- Priority Healthcare Corporation
 (Nasdaq: PHCC) announced that it has acquired Physicians Formulary
 International, Inc. (PFI), a national distributor of biopharmaceuticals, based
 in Phoenix, AZ.  PFI specializes in sales to outpatient surgery centers and
 their rapid growth has been recognized with their selection to the "Inc. 500"
 in two of the last five years.  Robert Myers, Vice Chairman and Chief
 Executive Officer of Priority Healthcare, stated, "The acquisition of
 Physicians Formulary is an ideal extension of our strategy to provide products
 and services to the alternate site market.  I am pleased that John Discerni,
 R.Ph., founder, President and Chief Executive Officer of Physicians Formulary,
 will join our management team as a Vice President, leading the ambulatory
 surgery market nationally.  PFI had 2000 sales of approximately $30 million,
 and the transaction is expected to be accretive to Priority Healthcare's
 earnings this year.  This acquisition also provides many sales, operations and
 purchasing synergies which we can capitalize on going forward.  Additional
 details on the transaction will be provided in our April 19th first quarter
 earnings conference call."
     Steve Cosler, Priority Healthcare President and Chief Operating Officer,
 stated, "PFI enhances our referring relationships with specialists in
 gastroenterology, pain management and orthopedics, as well as expanding our
 reach to outpatient surgery centers.  Strategically, we are excited about
 PFI's network of outpatient surgery centers as a platform for the delivery of
 existing and emerging biotech therapies.  Manufacturer relations are also
 strengthened as we will add volume with several key suppliers.  In addition,
 this acquisition strengthens and expands our GPO contract portfolio."
     John Discerni, R.Ph., PFI founder, commented, "This agreement is an
 important step in the evolution of PFI, providing resources for the
 continuation of the rapid growth we have experienced over the past 10 years.
 Priority was an excellent fit due to the quality of their organization, their
 commitment to patient care and their outstanding record of customer service.
 I also look forward to identifying additional cross-selling opportunities in
 the markets PFI has established for Priority's patient-specific pharmacy
 services."
     Priority Healthcare Corporation is a national specialty pharmacy and
 distributor that provides biopharmaceuticals, complex therapies and related
 disease treatment programs and services.
     Certain information in this press release contains forward-looking
 statements as defined in Section 27A of the Securities Act and 21E of the
 Exchange Act.  Certain factors, including those described in our filings with
 the SEC, could cause actual results to differ materially from those in the
 forward-looking statements.
 
 

SOURCE Priority Healthcare Corporation
    LAKE MARY, Fla., April 2 /PRNewswire/ -- Priority Healthcare Corporation
 (Nasdaq: PHCC) announced that it has acquired Physicians Formulary
 International, Inc. (PFI), a national distributor of biopharmaceuticals, based
 in Phoenix, AZ.  PFI specializes in sales to outpatient surgery centers and
 their rapid growth has been recognized with their selection to the "Inc. 500"
 in two of the last five years.  Robert Myers, Vice Chairman and Chief
 Executive Officer of Priority Healthcare, stated, "The acquisition of
 Physicians Formulary is an ideal extension of our strategy to provide products
 and services to the alternate site market.  I am pleased that John Discerni,
 R.Ph., founder, President and Chief Executive Officer of Physicians Formulary,
 will join our management team as a Vice President, leading the ambulatory
 surgery market nationally.  PFI had 2000 sales of approximately $30 million,
 and the transaction is expected to be accretive to Priority Healthcare's
 earnings this year.  This acquisition also provides many sales, operations and
 purchasing synergies which we can capitalize on going forward.  Additional
 details on the transaction will be provided in our April 19th first quarter
 earnings conference call."
     Steve Cosler, Priority Healthcare President and Chief Operating Officer,
 stated, "PFI enhances our referring relationships with specialists in
 gastroenterology, pain management and orthopedics, as well as expanding our
 reach to outpatient surgery centers.  Strategically, we are excited about
 PFI's network of outpatient surgery centers as a platform for the delivery of
 existing and emerging biotech therapies.  Manufacturer relations are also
 strengthened as we will add volume with several key suppliers.  In addition,
 this acquisition strengthens and expands our GPO contract portfolio."
     John Discerni, R.Ph., PFI founder, commented, "This agreement is an
 important step in the evolution of PFI, providing resources for the
 continuation of the rapid growth we have experienced over the past 10 years.
 Priority was an excellent fit due to the quality of their organization, their
 commitment to patient care and their outstanding record of customer service.
 I also look forward to identifying additional cross-selling opportunities in
 the markets PFI has established for Priority's patient-specific pharmacy
 services."
     Priority Healthcare Corporation is a national specialty pharmacy and
 distributor that provides biopharmaceuticals, complex therapies and related
 disease treatment programs and services.
     Certain information in this press release contains forward-looking
 statements as defined in Section 27A of the Securities Act and 21E of the
 Exchange Act.  Certain factors, including those described in our filings with
 the SEC, could cause actual results to differ materially from those in the
 forward-looking statements.
 
 SOURCE  Priority Healthcare Corporation