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news.US-based health care services firm Cardinal Health has completed the $1.115bn acquisition of privately-held generics company The Harvard Drug Group (THDG).
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The deal amount was paid by Cardinal to Court Square Capital Partners using existing cash and new debt following the receipt of regulatory approvals and satisfying other customary closing conditions.
THDG is a distributor of generic pharmaceuticals, over-the-counter (OTC) medications and related products to retail, institutional and alternate care customers.
The transaction also included THDG’s 450 employees and two distribution facilities.
The acquisition will not only improve Cardinal’s generic pharmaceutical distribution business, but will also expand its existing telesales programs and capabilities as well as strengthens its portfolio of OTC pharmaceutical products.
It will also bring specialized packaging offerings to meet the needs of hospital systems and other institutions.
Last year, THDG had revenues of approximately $450m.
Cardinal Health helps pharmacies, hospitals, ambulatory surgery centers, clinical laboratories and physician offices to focus on patient care while reducing costs, improving efficiency and improving quality.
Image: Cardinal Health headquarters in Dublin, Ohio, US. Photo: courtesy of Cardinal Health.