A billion dollar company in Queens now has a new owner.
Last month, Cardinal Health announced plans to acquire Kinray, Inc., a leading pharmaceutical distributor headquartered in Whitestone, for $1.3 billion in an all-cash transaction that will significantly expand its ability to serve retail independent pharmacies in the northeastern United States.
“We are excited to have the Kinray employees join the Cardinal Health family, and we look forward to their contributions,” George Barrett, Chair and CEO of Cardinal Health. “Kinray has a long-standing service tradition with its customers. We intend to continue that tradition, utilizing its customer expertise and Whitestone distribution facility, while creating additional value for its customers through branded pharmaceutical programs, inventory and pharmacy management tools and Cardinal Health’s extensive generic drug program.”
With annual sales in excess of $3.5 billion, Kinray currently serves more than 2,000 retail independent pharmacy customers as a distributor of both branded and generic pharmaceuticals. . Kinray is the largest privately held distributor of pharmaceutical, generic, health and beauty, and home health care products in the world and the e company primarily serves the New York metropolitan area and will establish a stronger platform for Cardinal Health in the northeastern U.S.
The addition of Kinray will continue to diversify and broaden Cardinal Health’s customer mix by increasing the company’s retail independent pharmacy base by 40 percent to approximately 7,000 total customers, according to Cardinal Health. Subject to customary closing conditions and regulatory approvals, Cardinal Health plans to complete the transaction by the end of the calendar year or early in 2011.
“Joining forces with Cardinal Health supports Kinray’s mission to help retail independent pharmacies serve as an integral provider of care for our evolving health care system,” said Stewart Rahr, President and CEO of Kinray.
