Cardinal To Purchase Michigan Distributor

Jun 5, 2015

Dublin-based Cardinal Health will buy a Michigan-based pharmaceutical distributor called The Harvard Drug Group for 1.12 billion dollars.

Cardinal says the deal will build its drug business by providing specialized packaging to supply hospitals and other institutions. The deal comes a week after Johnson & Johnson accepted Cardinal's 1.94 billion dollar offer to buy its Cordis heart devices unit. Cardinal expects to issue 1.5 billion dollars in new debt for the two deals.