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Article: Blackstone to buy Cardinal's PTS unit.(RX/NEWS)(Blackstone Group)(Cardinal Health Inc.)(Brief article)
- Article from:
- Chain Drug Review
- Article date:
- February 19, 2007
CopyrightCOPYRIGHT 2007 Racher Press, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DUBLIN, Ohio -- Cardinal Health Inc. is selling its pharmaceutical technologies and services (PTS) segment to the Blackstone Group for about $3.3 billion.
The PTS unit develops, manufactures and packages medication and other products for pharmaceutical and biotech companies and employs about 10,000 people worldwide.
Last fall Cardinal said it planned to divest the segment, which generates about $1.8 billion in annual revenue, to focus on pharmacies, hospitals and other health care providers.
"We made rapid progress to reach an agreement with such a quality organization," relates R. Kerry Clark, Cardinal's president and chief executive officer.