Exhibit 99.2
News Release
[LETTERHEAD OF AMERISOURCEBERGEN CORPORATION]
Contact: Michael N. Kilpatric
610-727-7118
mkilpatric@amerisource.com
CONFIDENTIAL Draft #3 11-04-02
AMERISOURCEBERGEN SIGNS AGREEMENT TO
PURCHASE BRIDGE MEDICAL, INC.
Largest Pharmaceutical Distributor Adds Industry-Leading Bedside
Scanning Capability
VALLEY FORGE, Pa. November 5, 2002--AmerisourceBergen Corporation (NYSE:ABC) the
largest pharmaceutical services company in the U.S. dedicated solely to the
pharmaceutical supply channel, today announced that it has signed a definitive
agreement to purchase Bridge Medical, Inc., the leading provider of
barcode-enabled point-of-care (BPOC) software designed to reduce medication
errors and decrease costs in healthcare facilities, for approximately $27
million in common stock. The agreement also includes incentive payments of up to
$55 million based on Bridge Medical achieving significant earnings targets in
calendar years 2003 and 2004. AmerisourceBergen expects the purchase to be
neutral to earnings in fiscal 2003 and accretive in fiscal 2004 after the effect
of any incentive payments. Bridge Medical, which is headquartered in the San
Diego area and privately held, anticipates revenues of approximately $25 million
in calendar year 2003. The transaction is expected to close by the end of
calendar year 2002.
"We are extremely excited about Bridge's market-leading, proven patient
safety technology," said R. David Yost, AmerisourceBergen's Chief Executive
Officer. "Hospitals and other medical facilities are already using this
technology to increase medication accuracy and improve operating efficiency. Our
customers and suppliers need unique, tailored solutions for delivering
pharmaceuticals, and this acquisition is one more example of our commitment to
enhance our offerings in the pharmaceutical supply channel."
"Combining Bridge's patient safety technology with AmerisourceBergen's
high service distribution capability, the in-pharmacy barcode application
capability of our recently acquired AutoMed operation, and the packaging options
of our American Health Packaging unit provides the kind of pharmaceutical
management solutions our customers are seeking," said Kurt J. Hilzinger,
AmerisourceBergen's President and Chief Operating Officer. "We now have the most
comprehensive service offering in the industry with which to address the
challenges of staffing shortages, medication errors and rising costs in today's
healthcare environment."
"Joining AmerisourceBergen gives us the platform and resources to
rapidly expand this business," said John B. Grotting, Bridge's President and
Chief Executive Officer. "With the demand for improvements in patient medication
safety continuing to grow, we are very excited about the market opportunities in
long-term care and acute care facilities that are ahead for us as part of
AmerisourceBergen."
Developed for hospitals and other patient care facilities, Bridge's
two primary products are MedPoint(TM) and InfoPoint(TM). First introduced in
1999, MedPoint is the only BPOC system to combine both medication and blood
product administration verification with laboratory specimen identification.
This patient safety product helps hospitals and health systems increase
efficiency and eliminate medication errors related to pharmaceutical and blood
transfusion administration and laboratory specimen tracking.
MedPoint goes beyond the basic "five rights" of medication monitoring
(right patient, right drug, right dose, right time and right route of
administration) to also include features such as allergy alerts, look-alike and
sounds-alike alerts, and high risk medication warnings.
Bridge's newest product, InfoPoint, is a data warehouse system that
allows clinicians and administrators to combine clinical and financial data to
improve patient outcomes and reduce costs. It integrates both clinical and
financial data into a single repository, giving hospitals unique views of both
prospective and retrospective patient and medication use data that can be
applied to therapeutic guideline compliance monitoring.
About AmerisourceBergen
AmerisourceBergen (NYSE:ABC) is the largest pharmaceutical services company in
the United States dedicated solely to the pharmaceutical supply chain. It is the
leading distributor of pharmaceutical products and services to the hospital
systems/acute care market, alternate care and mail order facilities, independent
community pharmacies, and regional chain pharmacies. The Company is also a
leader in the institutional pharmacy marketplace. With more than $40 billion in
annualized operating revenue, AmerisourceBergen is headquartered in Valley
Forge, PA, and employs more than 13,000 people serving over 25,000 customers.
For more information got to www.amerisourcebergen.com.
About Bridge Medical
Founded in 1996, Bridge Medical, Inc., is headquartered in Solana Beach,
California. The company provides robust, affordable, easy-to-use
technology-based patient safety solutions, including its market-leading
MedPoint(TM) and InfoPoint(TM) software. A pioneer in the use of bar code
technology in healthcare, Bridge has been honored for its patient safety
solutions and educational initiatives. For info, visit www.bridgemedical.com.
Forward-Looking Statements
This news release may contain certain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements are based on management's
current expectations and are subject to uncertainty and changes in
circumstances. Actual results may vary materially from the expectations
contained in the forward-looking statements. Forward-looking statements may
include statements addressing future financial and operating results of
AmerisourceBergen and the benefits and aspects of the 2001 merger between
AmeriSource Health Corporation and Bergen Brunswig Corporation.
The following factors, among others, could cause actual results to differ
materially from those described in the forward-looking statements: the risk that
the businesses of AmeriSource and Bergen Brunswig will not be integrated
successfully; failure to obtain and retain expected synergies; and other
economic, business, competitive and/or regulatory factors affecting the business
of AmerisourceBergen generally.
More detailed information about these factors is set forth in
AmerisourceBergen's filings with the Securities and Exchange Commission,
including its Annual Report on Form 10-K for fiscal 2001, its Quarterly Reports
on Form 10-Q for fiscal 2002, and the joint proxy statement-prospectus for the
merger filed on August 1, 2001.
AmerisourceBergen is under no obligation to (and expressly disclaims any such
obligation to) update or alter any forward-looking statements whether as a
result of new information, future events or otherwise.