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Cardinal Health (NYSE: CAH), Dublin, OH, has agreed to sell its Cardinal Health China business to Shanghai Pharmaceuticals Holding Co, Ltd. for $1.2 billion. The transaction is expected to close by the end of Cardinal Health's fiscal year.
The sale includes Cardinal Health's pharmaceutical and medical products distribution business in China. The divestiture does not include Cardinal Health's remaining businesses in China, including Cordis, its recently acquired Patient Recovery business, its medical sourcing team or other functions.
Cardinal Health also announced that Eric Zwisler, chairman of Cardinal Health China, will retire effective immediately as part of the sale.