Cardinal Health, a Dublin, Ohio-based medical products and services company, on Tuesday finalized a $3.3 billion deal to sell its pharmaceutical technologies and services segment to the Blackstone Group, a private equity firm in New York.
First announced in January, the deal took the once publicly traded unit private. Its products include technologies such as the Liqui-Gels drug release system, Zydis fast-dissolving pills, sterile manufacturing for cancer drugs and the Blow-Fill-Seal packaging used in a broad range of drugs.
Blackstone officials would not reveal projected earnings for the unit, but Cardinal reported the division generates $1.7 billion annually and distributes and produces products in nearly 100 countries on five continents. -- by Shawn Rhea