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Renewed lease spells renewed commitment for Accredo, Memphis community

BY Rob Eder

MEMPHIS, Tenn. Accredo Health has renewed the lease on its 240,000-sq.-ft. Century Center headquarters, the company announced last week. The 10-year leasing agreement for Accredo’s five-building campus is effective Jan. 1, 2010.

With staff expansions and the company’s work at home programs, Accredo’s total employment in the Memphis area now stands at approximately 1,750, and the space at Century Center, still leaves Accredo—Medco’s specialty pharmacy division—with plenty which was a factor in Accredo’s decision to renew, the company stated. Accredo occupies roughly 40% of the Century Center campus.

As part of the renewal, Accredo will create a new corporate headquarters and visitor center, as well as improve and expand employee amenities and parking in the campus. Accredo’s Proherant Health Inc. business unit, which provides patient education, clinical research and other services for biotech, pharmaceutical and medical device manufacturers, will be shifted to Goodlett Farms Parkway in Cordova, Tenn. The standalone location was chosen to build and grow the Proherant Health business, according to Accredo.

“Accredo has been an important driver of Medco’s growth. We recognize and appreciate the talent and efforts of our employees in our Memphis headquarters who have contributed to Accredo’s extraordinary success. Our renewed commitment to the Memphis community reflects our belief that local talent and expertise will continue to fuel Accredo’s future growth,” said Steve Fitzpatrick, president, Accredo.

Fitzpatrick added that the new facility not only is an upgrade for its associates as well as the clients that visit the company, it also will enhance “Accredo’s ability to serve the needs of our patients.”

“We pride ourselves on the ‘high-touch’ quality of care for patients and our employees are at the heart of delivering that care, The pharmacy schools and universities in the Memphis area have helped train and develop the talent and leadership necessary for our company to grow to its current heights, Fitzpatrick said.

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Rite Aid completes refinancing of securitization facilities

BY Michael Johnsen

CAMP HILL, Pa. Rite Aid on Monday successfully completed its previously announced plan to refinance its existing first lien accounts receivable securitization facility and second lien accounts receivable securitization facility due September 2010. As a result of the refinancing, Rite Aid has refinanced all of its September 2010 debt maturities.

As of Oct. 23, 2009, there was $475 million outstanding under the securitization facilities. The refinancing consists of an offering of $270 million aggregate principal amount of 10.25% senior secured notes due 2019 (with a yield to maturity of 10.375%, based on an offering price of 99.242% per note), commitments to increase the maximum borrowing capacity under Rite Aid’s existing senior secured revolving credit facility from $1 billion to $1.175 billion, and an increase in borrowings under Rite Aid’s existing $525 million senior secured term loan due June 2015 by $125 million to $650 million.

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Former Rite Aid executive becomes Value Drug Co. president

BY Michael Johnsen

ALTOONA, Pa. Greg Drew last week joined Value Drug Co. as president, the regional pharmacy wholesaler announced.

Drew most recently served as a consultant through his company Pharmacy Expertise. Prior to founding Pharmacy Expertise, Drew served as VP pharmacy health services for Rite Aid and as GM of Rite Aid Health Solutions.

Drew will be responsible for Value Drug’s long term business development as well as all operations and management of the company, reporting to John L. Letizia, Value Drug chairman and CEO.

Value Drug is a cooperative company providing wholesale drug distribution and various other services to its members.

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