Cardinal Health will sell its Cardinal Health China business to Shanghai Pharmaceuticals Holding for $1.2 billion.
Here's what you should know:
1. Cardinal Health expects to close the transaction at the end of the fiscal year.
2. The sale will include Cardinal Health's pharmaceutical and medical products distribution business.
3. Cardinal Health expects to transfer ownership of all assets related to Cardinal Health China to Shanghai Pharma at the transaction's close.
4. The deal does not include Cardinal Health's remaining China-based assets including Cordis, its patient recovery business and its medical sourcing team among others.
Cardinal Health CEO George Barrett said in a release, "It has been an honor to serve the people of China through our distribution business for the past seven years. We recognize that significant scale is required to be a market leader in China and with that in mind, we are delighted to announce that Shanghai Pharma has agreed to purchase our distribution business in China."