Cardinal Health to acquire Harvard Drug for $1.12bn
This article was originally published in Scrip
Executive Summary
Cardinal Health (Dublin, Ohio) is to acquire The Harvard Drug Group (THDG; Livonia, Michigan), a distributor of generic pharmaceuticals, over-the-counter medications and related products, for $1.12bn using cash and debt. THDG is currently owned by Court Square Capital Partners. The transaction, which is slated to close at the start of fiscal year 2016, would add about $0.15 per share to its earnings, said Cardinal Health. As a result of this planned acquisition and the pending acquisition of Cordis, Cardinal Health expects EPS of around $4.75 to $5.05 in fiscal 2016. THDG had revenues of approximately $450m in 2014. There are 450 employees and two distribution facilities included in the transaction.