Cardinal Health Inc. (NYSE:CAH) has received federal regulatory clearance to move ahead with its $1.3 billion purchase of New York-area drug distributor Kinray Inc.
Cardinal expects to close the deal “shortly,” according to a statement from the medical products and drug distributor in Dublin, Ohio.
The Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The law generally requires a 30-day waiting period for a merger or acquisition to close so regulators have enough time to investigate the deal.
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Cardinal announced the deal last month, noting that adding Kinray would help expand its presence in the lucrative New York market.
Privately held Kinray’s annual sales exceed $3.5 billion, and the company has more than 2,000 retail independent pharmacy customers. The deal expands Cardinal’s base of independent retail pharmacy customers by 40 percent to about 7,000.
