Cardinal Health announced on 28 May 2015 that its 1 March 2015 binding offer to acquire Johnson & Johnson’s Cordis business for US$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-US countries towards the end of 2015, subject to regulatory clearances and other customary closing conditions.
Headquartered in Fremont, California, USA, Cordis had annual sales in calendar year 2014 of approximately US$780 million, split almost evenly between cardiology and endovascular products. While the USA is the largest single market, 70% of total sales come from outside the US. 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 orthopaedics. The company is helping customers standardise around mature medical devices, while bringing them innovative solutions in supply chain management, inventory optimisation, and work flow tools and data to support the most effective management of the patient.