Cardinal will buy Kinray to boost its presence in retail pharmacy

11/18/2010 | Bloomberg

Cardinal Health said it will pay $1.3 billion to acquire closely held drug distributor Kinray, a move that is expected to broaden Cardinal's customer base of retail independent pharmacies by 40% and increase its distribution of generic medicines. The acquisition will "accelerate the earnings growth of our core business and give us the opportunity to expand margins," said George Barrett, chairman and CEO of Cardinal.

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