DUBLIN, Ohio, Jan. 2 /PRNewswire-FirstCall/ -- Cardinal Health, Inc.
(NYSE: CAH) today announced the successful completion of its acquisition of
Syncor International Corporation. Cardinal Health is now the leading provider
of highly profitable nuclear pharmacy services in the United States. The
acquisition furthers the company's strategy of broadening its unique products
and services offering to help improve quality and efficiency in health care.
Syncor's domestic operations will be integrated with Central Pharmacy
Services (CPSI) to become the Nuclear Pharmacy Services business of Cardinal
Health. Nuclear Pharmacy Services compounds and dispenses
radiopharmaceuticals for diagnostic and therapeutic use by nuclear medicine
departments in hospitals and outpatient clinics. Nuclear Pharmacy Services
distributes these time-critical pharmaceuticals to approximately 8,000
customers through an integrated network of more than 170 domestic nuclear
pharmacies. Cardinal Health will continue Syncor's previously announced plans
to sell Syncor's imaging business and further rationalize Syncor's
"In response to the needs of customers, Cardinal Health has added the
leading nuclear pharmacy services capability to its already world-class and
unique pharmaceutical services offering," said George Fotiades, president and
chief executive officer of Life Sciences Products and Services to whom the
Nuclear Pharmacy Services business will report. "Through this acquisition,
Cardinal Health offers health care providers the most comprehensive nuclear
pharmacy services offering in the United States and our value to
pharmaceutical manufacturers and biotechnology companies has been enhanced.
In addition to compounding and distribution, we now provide the broadest range
of commercialization and logistics solutions to the nuclear and complex
pharmaceutical and biotech industries, helping important products reach the
market faster and more efficiently."
On January 1, 2003, Syncor became a wholly owned subsidiary of Cardinal
Health. Pursuant to the merger agreement dated June 14, 2002, as amended,
each outstanding share of Syncor common stock has been converted into the
right to receive 0.47 of a Cardinal Health common share, with cash being paid
in lieu of fractional Cardinal Health common shares. Share exchange
instructions and a letter of transmittal will be mailed to Syncor shareholders
shortly. December 31, 2002 was the last day that Syncor common stock traded
on The Nasdaq National Market.
About Cardinal Health
Cardinal Health, Inc. (http://www.cardinal.com) is the leading provider of
products and services supporting the health care industry. Cardinal Health
companies develop, manufacture, package and market products for patient care;
develop drug-delivery technologies; distribute pharmaceuticals, medical-
surgical and laboratory supplies; and offer consulting and other services that
improve quality and efficiency in health care. Headquartered in Dublin, Ohio,
Cardinal Health employs more than 49,000 people on five continents and
produces annual revenues of more than $44 billion. Cardinal Health is ranked
#23 on the current Fortune 500 list and was named as one of "The World's Best"
companies by Forbes magazine in 2002.
Except for historical information, all other information in this news
release consists of forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those projected, anticipated or implied.
The most significant of these uncertainties are described in Cardinal Health's
Form 10-K, Form 8-K and Form 10-Q reports (including all amendments to those
reports) and exhibits to those reports, and include (but are not limited to)
the costs, difficulties, and uncertainties related to the integration of
acquired businesses, the loss of one or more key customer or supplier
relationships, changes in the distribution patterns or reimbursement rates for
health-care products and/or services, the costs and other effects of
governmental regulation and legal and administrative proceedings, and general
economic and market conditions. Cardinal Health undertakes no obligation to
update or revise any forward-looking statements.
SOURCE Cardinal Health, Inc