Cardinal Health said it acquired the largest pharmaceutical importer in China for $470 million. The acquisition of Zuellig Pharma China, a privately held company operating in China under the name Yong Yu, will extend Cardinal Health's operations in China's fast-growing healthcare market, according to a Cardinal Health news release announcing the deal.
Cardinal Health buys Chinese pharmaceutical distributor
Dublin, Ohio-based Cardinal Health, a healthcare products manufacturer and distributor, said the purchase price included the assumption of $60 million in debt, with the rest paid from cash. Zuellig Pharma China's pharmaceutical operations include imports, supply-chain management and distribution to about 49,000 hospitals and clinics and 123,000 pharmacies. Zuellig Pharma China's annual sales total more than $1 billion, according to the release.
The announcement comes less than two weeks after Cardinal Health announced plans to acquire New York pharmaceutical distributor Kinray for $1.3 billion. In July, Cardinal Health acquired Healthcare Solutions Holding for $517 million.
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