US drug wholesaler Cardinal Health has agreed to acquire Chinese distributor Zuellig Pharma China in a $470m deal.

Under terms of the agreement, Cardinal has assumed approximately $60m of net debt, with the rest of the acquisition to be funded with cash.

Zuellig has annual sales in excess of $1bn and distributes medicines to around 49,000 hospitals and clinics, and more than 123,000 pharmacies.

The acquisition comes after a flurry of activity from Cardinal, which previously agreed to acquire Kinray for $1.3bn to diversify its customer base, and Healthcare Solutions for more than $500m to extend its presence in the speciality medications market.