Cardinal Health enhances generic sourcing in blockbuster deal

DUBLIN, Ohio - Cardinal Health on Friday announced plans to acquire The Harvard Drug Group,  a distributor of generic pharmaceuticals, over-the-counter medications and related products to retail, institutional and alternate care customers, in a deal worth $1.1 billion. 

 

The deal on the outset enhances Cardinal's generic pharmaceutical distribution business. In addition, the acquisition of The Harvard Drug Group gives Cardinal a broader portfolio of OTC products and expands Cardinal Health's existing telesales programs, the wholesaler stated. 

 

"The Harvard Drug Group aligns perfectly with our commitment to provide the most comprehensive line of pharmaceutical products for the broadest range of customers," stated George Barrett, chairman and CEO Cardinal Health. "This acquisition enhances our ability to support retail and institutional customers and further utilizes Red Oak, our joint venture with CVS Health to source generics."  

 

Headquartered in Livonia, Mich., The Harvard Drug Group had revenues of approximately $450 million in 2014. The transaction is expected to close in the beginning of fiscal year 2016 subject to regulatory approvals and other customary closing conditions.

 

The Harvard Drug Group is currently owned by Court Square Capital Partners.