Cardinal Health, Dublin, Ohio, said it will sell its pharmaceutical technologies and services businesses to the Blackstone Group, a private equity firm, for about $3.3 billion in cash. Cardinal announced plans to divest the business in November 2006 in order to focus its full attention and resources on its supply chain and clinical products businesses. The pharmaceutical technologies and services unit develops, manufactures and packages medication and other products for pharmaceutical and biotech firms, employing approximately 10,000 people at more than 30 facilities and generating approximately $1.8 billion in revenue annually. The sale is expected to close sometime this summer in Cardinals fiscal fourth quarter. Cardinal said it plans to use the net proceeds to repurchase shares. -- by Cinda Becker
Cardinal to sell drug division
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