DUBLIN, Ohio — The Financial Times reported Sunday that Cardinal Health Inc. has put its U.K.-based Martindale business up for sale, attracting interest from several European and U.S. private equity groups.
Martindale is the largest methadone producer in the United Kingdom, according to the Financial Times. Methadone is commonly used to treat heroin addicts.
In its August earnings report, Cardinal Health acknowledged its intent to sell the maker of injectable drugs by moving it to its “discontinued operations” category. That move subtracted 3 cents from Cardinal’s per-share earnings from continuing operations of $3.16 in fiscal 2009.
A Path to Healing: Discovering Arizona’s PTSD Treatment Centers
Explore top PTSD treatment centers in Arizona, offering personalized care, holistic therapies and expert support to help individuals heal and reclaim their lives.
Martindale Pharmaceuticals in Romford, England, holds about half the methadone market in the United Kingdom and also makes diamorphine, a legally prescribed form of heroin, as well as more than 100 generic drugs, the Financial Times said. One of its most potent products is phenobarbital sodium, used for assisted suicides in Switzerland and executions by lethal injection in China, the Times said.
Morgan Stanley is advising Cardinal on the auction of Martindale, which has a price tag of about $243 million, the Times said. Cardinal has been selling assets to concentrate on its medical products distribution and services businesses. Cardinal also spun-off its CareFusion unit last month.
Cardinal Health shares fell 2 cents to $27.89 Monday on the New York Stock Exchange.