Healthcare supplier Cardinal Health, Dublin, Ohio, announced plans to purchase New York's Kinray for $1.3 billion in an all-cash transaction expected to close by early 2011, pending regulatory approvals.
Cardinal Health to buy Kinray for $1.3 billion
Kinray provides branded and generic pharmaceuticals to about 2,000 independent pharmacies, primarily in the New York metropolitan area. Kinray has about $3.5 billion in annual revenue and is the world's largest privately held distributor of pharmaceuticals, home healthcare, and health and beauty products in the world, according to a news release announcing the deal.
The acquisition will expand Cardinal's base of independent pharmacy customers by about 40%, to 7,000, and broaden the company's reach in the Northeastern, according to the release.
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