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Article: PTS division is sold by Cardinal.(Blackstone Group L.P acquires pharmaceutical technologies and services segment of Cardinal Health Inc.)(Brief article)
- Article from:
- Chain Drug Review
- Article date:
- March 5, 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.
PTS develops, manufactures and packages medications and other products for pharmaceutical and biotechnology firms. It has a workforce of about 10,000.
Last fall Cardinal said it planned to divest the segment--which generates about $1.8 billion in revenue--to focus on pharmacies, hospitals and other health care providers.
"We made rapid progress to reach an agreement with a quality organization," relates R. Kerry Clark, Cardinal's president and chief executive ...