US-based health care services firm Cardinal Health has agreed to acquire 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.
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The company reported $450m revenue in 2014.
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."
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The acquired business will expand Cardinal Health’s existing telesales programmes and capabilities, in addition to strengthening the firm’s generic pharmaceutical distribution business.
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By GlobalDataAs part of the deal, two distribution facilities and 450 employees of The Harvard Drug Group will be transferred to Cardinal Health.
The acquisition will also allow 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.
Subject to regulatory approvals and other customary closing conditions, the deal is expected to be closed in early 2016.
With around 34,000 employees across the globe, Cardinal Health 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.
