SHANGHAI, Nov. 15 (Xinhua) -- China's leading drug maker and distributor, Shanghai Pharmaceuticals Holding Co. Ltd., said Wednesday it will take over Cardinal Health Inc's China business.
Shanghai Pharma's subsidiary Century Global and Cardinal Health's subsidiary Cardinal Health Cayman Islands Ltd. signed a contract Wednesday to buy the Cardinal Health (L) Co., Ltd. for 557 million U.S.-dollar acquisition. Century Global thus holds Cardinal Health China business through the acquisition.
U.S. pharmaceutical distribution giant Cardinal Health Inc's China business is the eighth largest drug distributor in the country, with a network covering 322 Chinese cities.
The acquisition will enable Shanghai Pharma to enter the market in Tianjin and Chongqing municipalities and Guizhou Province, expanding its distribution network to 24 provincial-level areas, and the company will become one of the biggest imported drugs agents in China, said Liu Dawei, board secretary of Shanghai Pharma.
After the deal, Shanghai Pharma will increase its international medicine supply chain services with more diversified drugs and other products.
Besides drugs, the company will further expand its business in other health-related industries such as medical apparatus, aiming at becoming a comprehensive pharmaceutical group with a global competitive edge, he said.
A single purchase
