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Cardinal Health (NYSE: CAH), Dublin, OH, No. 2 on MDM's list of the top pharmaceutical wholesalers, plans to acquire Kinray, Inc., a pharmaceutical distributor serving the New York metropolitan area, for $1.3 billion in an all-cash transaction that will expand its ability to serve retail independent pharmacies in the northeastern U.S. Kinray is also one of the largest pharmaceutical wholesalers.
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"Adding Kinray to the Cardinal Health Pharmaceutical Segment portfolio will enable us to build on our increasing presence in community pharmacy and accelerate our growth in this important channel," said George Barrett, CEO of Cardinal Health.
With annual sales of more than $3.5 billion, Kinray serves more than 2,000 retail independent pharmacy customers as a distributor of both branded and generic pharmaceuticals. The addition of Kinray will continue to diversify and broaden Cardinal Health's customer mix by increasing the company's retail independent pharmacy base by 40 percent to 7,000 customers.
Cardinal Health is a $99 billion health care services company.