DUBLIN, Ohio, July 6, 2015 /PRNewswire/ -- Cardinal Health
today announced the completion of the acquisition of The Harvard
Drug Group (THDG). A distributor of generic pharmaceuticals,
over-the-counter medications and related products to retail,
institutional and alternate care customers, THDG was owned by Court
Square Capital Partners. The $1.115
billion acquisition was an all-cash transaction using
existing cash and new debt.
Headquartered in Livonia,
Mich., The Harvard Drug Group had revenues of approximately
$450 million in 2014. There are 450
employees and two distribution facilities included in the
transaction.
In addition to enhancing the company's generic pharmaceutical
distribution business, the acquisition expands Cardinal Health's
existing telesales programs and capabilities; broadens the
company's portfolio of over-the counter pharmaceutical products;
and brings specialized packaging offerings to meet the needs of
hospital systems and other institutions.
About Cardinal Health
Headquartered in Dublin, Ohio,
Cardinal Health, Inc. (NYSE: CAH) is a $91
billion health care services company that improves the
cost-effectiveness of health care. Cardinal Health helps
pharmacies, hospitals, ambulatory surgery centers, clinical
laboratories and physician offices focus on patient care while
reducing costs, enhancing efficiency and improving quality.
Cardinal Health is an essential link in the health care supply
chain, providing pharmaceuticals and medical products and services
to more than 100,000 locations each day and is also the
industry-leading direct-to-home medical supplies distributor. The
company is a leading manufacturer of medical and surgical products,
including gloves, surgical apparel and fluid management products.
In addition, the company operates the nation's largest network of
radiopharmacies that dispense products to aid in the early
diagnosis and treatment of disease. Ranked #26 on the Fortune 500,
Cardinal Health employs 34,000 people worldwide. More information
about the company may be found at www.cardinalhealth.com and
Cardinal Health on Twitter.
Cautions Concerning Forward-Looking
Statements
This release contains forward-looking
statements addressing Cardinal Health's plans to acquire THDG and
other statements about future expectations, prospects, estimates
and other matters that are dependent upon future events or
developments. These statements may be identified by words such as
"expect," "anticipate," "intend," "plan," "believe," "will,"
"should," "could," "would," "project," "continue," "likely," and
similar expressions, and include statements reflecting future
results or guidance, statements of outlook and expense accruals.
These matters are subject to risks and uncertainties that could
cause actual results to differ materially from those projected,
anticipated or implied. These risks and uncertainties
include: the ability to retain customers and employees of THDG
and to successfully integrate THDG into Cardinal Health's
operations; the ability to achieve the expected synergies as well
as accretion in earnings from the THDG acquisition; competitive
pressures in Cardinal Health's various lines of business; the
ability to achieve the expected benefits from the generic sourcing
venture with CVS Health; the frequency or rate of pharmaceutical
price appreciation or deflation and the timing of generic and
branded pharmaceutical introductions; the non-renewal or a default
under one or more key customer or supplier arrangements or changes
to the terms of or level of purchases under those arrangements;
uncertainties due to government health care reform including
federal health care reform legislation; changes in the distribution
patterns or reimbursement rates for health care products and
services; the effects of any investigation or action by any
regulatory authority; and changes in the cost of commodities such
as oil-based resins, cotton, latex and diesel fuel. Cardinal Health
is subject to additional risks and uncertainties described in
Cardinal Health's Form 10-K, Form 10-Q and Form 8-K reports and
exhibits to those reports. This release reflects management's views
as of July 6, 2015. Except to
the extent required by applicable law, Cardinal Health undertakes
no obligation to update or revise any forward-looking
statement.
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SOURCE Cardinal Health