DUBLIN, Ohio (AP) — Health care products maker Cardinal Health Inc. said today it will buy New York-based drug distributor Kinray Inc. for $1.3
billion in cash.
Cardinal Health said Kinray has about $3.5 billion in annual revenue, and is
the world’s biggest privately held distributor of drugs, health, beauty, and
home care products. It said Kinray will expand its business in the Northeast and
give it more access to independent pharmacies. Kinray does business with about
2,000 independent pharmacies, Cardinal Health said. Cardinal Health is a much
larger company and does business with about 5,000 of those pharmacies.
The deal is expected to close in late 2010 or early 2011. Cardinal Health
said the deal could increase fiscal 2011 profit by a small amount, and will add
at least 12 cents per share to its profit in fiscal 2012.
Cardinal Health reported $98.5 billion in revenue in its most recent fiscal
year, which ended June 30.
