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DUBLIN, Ohio Cardinal Health is looking to expand the pharmaceutical segment of its business by acquiring a pharmaceutical distributor serving the New York metropolitan area.
The company said its acquisition of Kinray for $1.3 billion in an all-cash transaction would significantly expand its ability to serve retail independent pharmacies in the northeastern United States. Kinray currently serves more than 2,000 retail independent pharmacy customers as a distributor of both branded and generic pharmaceuticals.
After the transaction is complete, Kinray customers will be able to tap into a leading line of service offerings from Cardinal Health, Cardinal Health said.
"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, Cardinal Health chairman and CEO. "We are excited to have the Kinray employees join the Cardinal Health family, and we look forward to their contributions. Kinray has a long-standing service tradition with its customers. We intend to continue that tradition, utilizing its customer expertise and Whitestone distribution facility, while creating additional value for its customers through branded pharmaceutical programs, inventory and pharmacy management tools, and Cardinal Health's extensive generic drug program."