Cardinal said Monday that the all-cash deal, announced in early June, will boost its generic drug distribution business as well as expand its over-the counter drug product offerings and its telesales programs and capabilities. Harvard Drug also will bring specialized packaging offerings to meet the needs of hospital systems and other institutions, Cardinal added.
With sales of about $450 million last year, Livonia, Mich.-based Harvard Drug distributes generic drugs, OTC medicines and related products to retail, institutional and alternate care customers. The transaction, with private equity firm Court Square Capital Partners, includes Harvard Drug’s 450 employees and two distribution facilities.
Cardinal also has another large acquisition pending: its $1.944 billion purchase of Cordis, a global manufacturer of cardiology and endovascular devices, from Johnson & Johnson. The deal was announced in March, and in late May Cardinal said its binding offer to acquire Cordis was formally accepted. The company expects the transaction to close in the United States and key non-U.S. countries towards the end of this year.