Shanghai Pharma buys Cardinal Health's China business for US$557m

Hong Kong

SHANGHAI Pharmaceuticals Holding Co has agreed to buy Cardinal Health Inc's China drug distribution business for US$557 million, winning a highly competitive auction in a move that will greatly expand its presence nationwide.

The deal will also help Shanghai Pharma, China's third largest drug distributor, become a leading importer of foreign medicine into the world's second largest drug market.