Priority Healthcare Corporation Acquires Integrity Healthcare Services, a Specialty Infusion Pharmacy

Priority Healthcare Corporation Acquires Integrity Healthcare
Services, a Specialty Infusion Pharmacy 


LAKE MARY, Fla., June 21  /PRNewswire-FirstCall/ -- Priority Healthcare
Corporation (NASDAQ:PHCC) announced today that it has entered into a definitive
agreement to acquire 100 percent of the outstanding stock of Integrity
Healthcare Services, a specialty infusion pharmacy with 23 branches in 16
states.  The transaction is expected to close during the next 30 days.

"Integrity Healthcare is a very important and strategic acquisition for
Priority Healthcare for several reasons.  First, it broadens our platform to
enable us to provide a greater spectrum of high-touch therapies by establishing
a more regional presence with our pharmacy and clinical services. This is
important both for current opportunities as well as the significant number of
drugs in the biotech pipeline requiring infusion support," said Steve Cosler,
President and Chief Executive Officer of Priority Healthcare. "In addition, we
will expand our Medicaid presence, strengthen our relationships with physicians
in our focus specialties, broaden the therapeutic and disease areas we service,
and strengthen our clinical capabilities.  We are also very excited that the
management team of Integrity Healthcare will join Priority Healthcare to
provide leadership for our future growth in this area."

Francis "Chip" McNamara, President and Chief Executive Officer of Integrity
Healthcare stated, "We are very excited about combining Integrity Healthcare
with Priority Healthcare to create a unique and powerful platform in specialty
pharmacy. Priority Healthcare will enable us to gain access to more payor lives
as well as access to capital to continue to build out our platform throughout
the country on a more rapid basis."

"Integrity Healthcare has a strong track record of success as evidenced by
their 2003 revenues which were approximately $65 million," added Steve Saft,
Chief Financial Officer of Priority Healthcare.  "The acquisition price is
consistent with our historical valuations and the transaction should be
accretive to EPS in the fourth quarter of 2004."

About Integrity Healthcare Services

Integrity Healthcare Services is a specialty infusion company headquartered in
Louisville, KY with 23 branches in 16 states in the Midwest and Southern areas
of the United States.  Integrity Healthcare provides comprehensive programs for
patients, payors, and physicians across a number of disease states and
conditions including cancer, growth deficiency, hepatitis C, RSV, infections,
nutrition deficiency, autoimmune diseases, neurologic disorders, and
respiratory and cardiac conditions.  Additional information on Integrity
Healthcare Services is available at http://www.integrityhealthcare.com/.

About Priority Healthcare Corporation

Priority Healthcare Corporation is a national specialty pharmacy and
distributor that provides biopharmaceuticals, complex therapies, and related
disease treatment services.  Priority Healthcare provides comprehensive
programs for patients, payors, physicians, and pharmaceutical manufacturers for
a growing number of disease states including cancer, hepatitis C, respiratory
and pulmonary conditions, infertility, rheumatoid arthritis, hemophilia,
multiple sclerosis, Parkinson's disease, and macular degeneration. Additional
information regarding Priority Healthcare is available online at
http://www.priorityhealthcare.com/

Certain statements included in this press release, which are not historical
facts, are forward-looking statements.  Such forward-looking statements are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.  These forward-looking statements represent our
expectations or beliefs and involve certain risks and uncertainties, including
those described in our public filings with the United States Securities and
Exchange Commission; also including, but not limited to, changes in interest
rates, competitive pressures, changes in customer mix, changes in third party
reimbursement rates, financial stability of major customers, changes in
government regulations or the interpretation of these regulations, changes in
supplier relationships, growth opportunities, cost savings, revenue
enhancements, synergies and other benefits anticipated from acquisition
transactions, difficulties relative to integrating acquired businesses, the
accounting and tax treatment of acquisitions, and asserted and unasserted
claims, which could cause actual results to differ from those in the
forward-looking statements.  The forward-looking statements by their nature
involve substantial risks and uncertainties, certain of which are beyond our
control, and actual results may differ materially depending on a variety of
important factors.  You are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date herein. 

http://www.newscom.com/cgi-bin/prnh/20030417/PHCLOGODATASOURCE: Priority
Healthcare Corporation



CONTACT:  Stephen Saft, Chief Financial Officer of Priority Healthcare

Corporation, [phone]



Web site:  http://www.priorityhealthcare.com/

http://www.integrityhealthcare.com/ 

Copyright