Cardinal Health has closed its $1.2-billion divestiture of its Cardinal Health China business to Shanghai Pharmaceuticals Holding, a Shanghai, China-headquartered pharmaceutical manufacturer and healthcare services provider. Cardinal Health announced the divestiture in November 2017.

The sale includes Cardinal Health’s pharmaceutical and medical products distribution business in China. The divestiture does not include Cardinal Health’s remaining businesses in China, including Cordis, a business it acquired for $2 billion from Johnson & Johnson that develops and manufactures interventional vascular technology as well as its recently acquired patient-recovery business from Medtronic, its medical sourcing team, or other functions.

The gross proceeds of the transaction are $1.2 billion; the net proceeds are approximately $800 million after adjusting for third-party indebtedness, withholding taxes, and other transaction expenses and adjustments.

Source: Cardinal Health