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Cardinal Health sells China distribution business to Shanghai Pharma

November 17, 2017 5:09 AM UTC

Cardinal Health Inc. (NYSE:CAH) sold its Cardinal Health China distribution business to Shanghai Pharmaceuticals Holding Co. Ltd. (HKSE:2607; Shanghai:601607) for an enterprise value of $1.2 billion, or $557 million in cash after excluding debt and other accounting adjustments. The deal is expected to close by next June.

According to Shanghai Pharmaceuticals, Cardinal's Chinese business is the eighth largest distributor in the country...