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Cardinal Health Completes Acquisition Of Syncor And Becomes Leading Provider Of Nuclear Pharmacy Services
DUBLIN, OHIO - January 2, 2003 – 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 international operations.
“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. (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.
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