Radiopharmaceutical supplier Cardinal Health has signed a definitive agreement to sell its Cardinal Health China business to Shanghai Pharmaceuticals Holding for $1.2 billion.
The transaction includes Cardinal Health's pharmaceutical and medical products distribution business in China. The divestiture does not include Cardinal Health's remaining businesses in China, including Cordis, its recently acquired patient recovery business. In conjunction with the deal, Eric Zwisler, chairman of Cardinal Health China, will retire.
Cardinal Health expects that its employees, infrastructure, and various systems and processes will move to Shanghai Pharma upon the deal's closing, which is expected to occur before the end of Cardinal Health's fiscal year on August 1, 2018.
