Cardinal Health sells its China-based subsidiary to Shanghai Pharmaceuticals for $1.2 billion
February 2, 2018Cardinal Health has disposed a business unit for $1.2 billion – its Cardinal Health China – to Shanghai Pharmaceuticals Holding.
According to the company’s Friday press release, the sale includes Cardinal Health’s pharmaceutical and medical products distribution business in China. The divestiture does not include Cardinal Health’s remaining businesses in China, including Cordis, its recently acquired Patient Recovery business, its medical sourcing team or other functions.
The net proceeds are approximately $800 million after adjusting for third party indebtedness, withholding taxes, and other transaction expenses and adjustments. Cardinal Health said it plans to shed more light on detail on th sale during the its second quarter earnings call scheduled for February 8, 2018.
