Cardinal Health closes $1.1 billion takeover of Harvard Drug Group
Harvard Drug Group mainly distributes generic pharmaceuticals and pulled in more than $450 million in revenue in fiscal 2014.
Photo of Cardinal Health from centralohioabc.org
Public supply chain giant Cardinal Health said it has wrapped up its acquisition of the Harvard Drug Group for more than $1.1 billion in cash from previous owner Court Square Capital Partners.
Harvard Drug Group mainly distributes generic pharmaceuticals and pulled in more than $450 million in revenue in fiscal 2014. It employs 450 workers and manages two distribution facilities.
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According to Cardinal, one of the largest medical supply companies, the deal not only boosts its business for generic drug distribution, but also expands its telesales programs and packaging options.
Cardinal Health has come under fire for its size, recently settling charges with the Federal Trade Commission that it monopolized the market for low-energy radiopharmaceuticals in many metro areas. Cardinal will pay nearly $27 million to settle that case.
Dublin, Ohio-based Cardinal currently has a market capitalization of $28 billion.
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