Cardinal Health to Sell Pharmaceutical Services
Another major deal. Cardinal Health, who I have done work with in the past, is selling their pharmaceutical services division to the private investment group The Blackstone Group for $3.3 billion!
What is interesting is that this process took less than two months to put together!! That it extremely quick given the scale of the sale.
This is interesting and Cardinal says it will allow them to focus on their core services to hospitals and pharmacies. You may remember that Cardinal was responsible for freezing 500,000 doses of flu vaccine and thus making them useless back in October that were made by Novartis. Cardinal Health is also one of the announced manufacturer of Tamiflu for Roche.
I think the price in this case may be about right sine the unit has $1.8 billion in annual revenue. However t is hard to factor in the intangibles such as the failure to portly handle the flu vaccine and a class 1 recall of electronic infusion pumps in Aug of last year.
Other Resources
Cardinal Health to Sell Pharmaceutical Technologies to Blackstone (Cardinal Health press release).
Technorati Tags: Cardinal Health, pharmaceutical deals, Blackstone group
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January 27th, 2007 at 11:14 am
I recieved the following in an email from an anonymous source:
“Please note that the noted frozen flu vaccine doses and infusion pump recalls were not part of the business that was sold, but rather related to businesses retained by Cardinal Health. ”
I was evidently mistaken in thinking these services went along with the deal. Can anyone else independently confirm this.