Cardinal Health closes $1B China biz sale

Cardinal Health (NYSE:CAH) said today it closed its $1.2 billion sale of its Cardinal Health China business to Shanghai Pharmaceuticals.

The deal covers Dublin, Ohio-based Cardinal’s pharmaceutical operations and medical distribution business in the People’s Republic, but does not include other assets there such as Cordis, the patient recovery business for which it paid Medtronic (NYSE:MDT) $6 billion or its medical sourcing team.

Net proceeds from the deal are expected to be approximately $800 million after adjusting for third party indebtedness, taxes and other expenses, Cardinal Health said in a press release.

The company said it plans to release more details on the divestiture in connection with its second quarter earnings call scheduled for Feb. 8.

The deal was originally announced last November and included the retirement of chairman Eric Zwisler, the company said.

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