Cordis Is A Worldwide Leader In Cardiac And
Endovascular Medical Products
DUBLIN, Ohio, May 28, 2015 /CNW/ -- Cardinal Health today
announced that its March 1, 2015
binding offer to acquire Johnson & Johnson's Cordis business
for $1.944 billion in cash was
formally accepted. The offer was accepted after consultations
with relevant works councils and trade unions. The transaction is
expected to close in the United
States and key non-U.S. countries towards the end of 2015,
subject to regulatory clearances and other customary closing
conditions.
Headquartered in Fremont,
Calif., Cordis had annual sales in calendar year 2014 of
approximately $780 million, split
almost evenly between cardiology and endovascular products. Cordis
is a global company with a growing portfolio of products and
talented people serving healthcare systems throughout the world.
While the U.S. is the largest single market, 70 percent of total
sales come from outside the U.S. Cordis' international presence
includes operations in more than 50 countries, including
China, Japan, Germany, Italy, France, the United
Kingdom, and Brazil.
Cardinal Health noted in its March announcement that the
acquisition of Cordis was a significant step forward in its
cardiovascular strategy. The Cordis acquisition follows a
sequence of strategic moves for Cardinal Health in the areas of
cardiology, wound management and orthopedics. The company is
helping customers standardize around mature medical devices, while
bringing them innovative solutions in supply chain management,
inventory optimization, and work flow tools and data to support the
most effective management of the patient.
For more information on the Cordis acquisition, visit the
Investors page at ir.cardinalhealth.com and click on Events &
Presentations.
About Cardinal Health
Headquartered in Dublin, Ohio,
Cardinal Health, Inc. (NYSE: CAH) is a $91
billion health care services company that improves the
cost-effectiveness of health care. Cardinal Health helps
pharmacies, hospitals, ambulatory surgery centers, clinical
laboratories and physician offices focus on patient care while
reducing costs, enhancing efficiency and improving quality.
Cardinal Health is an essential link in the health care supply
chain, providing pharmaceuticals and medical products and services
to more than 100,000 locations each day and is also the
industry-leading direct-to-home medical supplies distributor. The
company is a leading manufacturer of medical and surgical products,
including gloves, surgical apparel and fluid management products.
In addition, the company operates the nation's largest network of
radiopharmacies that dispense products to aid in the early
diagnosis and treatment of disease. Ranked #22 on the Fortune 500,
Cardinal Health employs 34,000 people worldwide. More information
about the company may be found at www.cardinalhealth.com and
@CardinalHealth on Twitter.
Cautions Concerning Forward-Looking Statements
This
release contains forward-looking statements addressing Cardinal
Health's plans to acquire Cordis and other statements about future
expectations, prospects, estimates and other matters that are
dependent upon future events or developments. These statements may
be identified by words such as "expect," "anticipate," "intend,"
"plan," "believe," "will," "should," "could," "would," "project,"
"continue," "likely," and similar expressions, and include
statements reflecting future results or guidance, statements of
outlook and expense accruals These matters are subject to risks and
uncertainties that could cause actual results to differ materially
from those projected, anticipated or implied. These risks and
uncertainties include: the ability to successfully complete the
acquisition of Cordis on a timely basis, including receipt of
required regulatory approvals and satisfaction of other conditions;
the ability to retain customers and employees of the acquired
business and to successfully integrate the acquired business into
Cardinal Health's operations, if the acquisition is completed; the
ability to achieve the expected synergies as well as accretion in
earnings, if the acquisition is completed; the occurrence of any
event, change or other circumstance that could give rise to the
termination of the purchase agreement; the conditions of the credit
markets and an ability to issue debt on acceptable terms. Cardinal
Health is subject to additional risks and uncertainties described
in Cardinal Health's Form 10-K, Form 10-Q and Form 8-K reports and
exhibits to those reports. This release reflects management's views
as of May 28, 2015. Except to the
extent required by applicable law, Cardinal Health undertakes no
obligation to update or revise any forward-looking statement.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cardinal-health-binding-offer-to-acquire-cordis-accepted-300090093.html
SOURCE Cardinal Health