Cardinal Health Inc, a global healthcare solutions provider based in Ohio, has acquired China Zuellig Xinxing Pharmaceutical Co for $470 million as a stepping stone into the world's fastest growing healthcare market. Carnidal also agreed to repay Zuellig Xinxing's $60 million in debts.
Zuellig Xinxing, founded 17 years ago by Swiss Zuellig Pharma Group and private Chinese capital, is China's first and largest foreign joint drug distributor, whose revenue exceeded $1 billion in 2009. Its sale network spans 49,000 hospitals and 123,000 drugstores across the nation.
China's pharmaceutical market is projected to grow 22% to ¥755.6 billion ($1 = ¥6.7) this year and then grow at a compound annual rate of 20% until 2015 when it is expected to become the world's second biggest.
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