Shanghai Pharma, others in fray to buy US Cardinal Health's $1.5b China biz

Shanghai Pharma, others in fray to buy US Cardinal Health's $1.5b China biz

Shanghai Pharmaceuticals. Photo: Reuters

U.S. drug distributor Cardinal Health has put its China business up for sale, drawing keen interest from state-backed Chinese pharmaceutical firms in a deal that may be worth up to $1.5 billion, sources familiar with the matter said.

Shanghai Pharmaceutical Holding Co Ltd, China Resources Pharmaceutical Group Ltd and Sinopharm Group Co Ltd are among those wanting to buy Cardinal Health China, one of the nation’s largest drug distributors, said the first source who had direct knowledge of the matter. A second source confirmed the sale process.

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