Cardinal Health” width=”300″ height=”200″ />US-based health care services firm Cardinal Health has completed the acquisition of The Harvard Drug Group (THDG) from Court Square Capital Partners for around $1.115bn.
Based in Livonia of Michigan, THDG supplies generic pharmaceuticals, over-the-counter (OTC) medications and related products to retail, institutional and alternate care customers.
Under the deal, two distribution facilities and around 450 employees will be shifted to Cardinal Health.
The company reported revenues of around $450m in 2014.
The acquired business is said to expand Cardinal Health’s existing telesales programmes and capabilities, in addition to strengthening the firm’s generic pharmaceutical distribution business.
The acquisition also allows Cardinal Health to provide specialised packaging offerings for the hospital systems and other institutions, as well as expands the firm’s portfolio of OTC pharmaceutical products.
At the time of acquisition, Cardinal Health chairman and CEO George Barrett said: “The Harvard Drug Group aligns perfectly with our commitment to provide the most comprehensive line of pharmaceutical products for the broadest range of customers.
“This acquisition enhances our ability to support retail and institutional customers and further utilises Red Oak, our joint venture with CVS Health to source generics.”
With around 34,000 employees worldwide, Cardinal provides pharmaceuticals and medical products and services.
The company manufactures medical and surgical products such as gloves, surgical apparel and fluid management products, as well as operates network of radiopharmacies in the US.
Image: Cardinal Health exterior corporate office. Photo: courtesy of George Lange.
