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Cardinal Health stock price
Cardinal Health latest news:
UPDATE 1-Shanghai Pharma buys U.S. Cardinal Health's China business for $557 mln
* Cardinal Health put business up for sale due to rule
Shanghai Pharma buys U.S. Cardinal Health's China business for $557 mln
State-owned Shanghai Pharmaceuticals Holding Co (SHPMF) has agreed to acquire Cardinal Health Inc's China business, one of the nation's largest drug distributors, for $557 million. The deal, which includes shareholder loans, gives the China unit an enterprise value of $1.2 billion.
BRIEF-Cardinal Health to sell its china business to Shanghai Pharma for $1.2 bln
* Cardinal health signs definitive agreement to sell its
business to Shanghai Pharma
Amazon homing in on medical devices/supplies, not pharma: Jefferies
The possibility of online retailer Amazon.com Inc. entering the pharmaceutical industry has sent the stocks of drug distributors and pharmacy-benefit managers quaking in recent months, but a new report from Jefferies analysts suggests that Amazon is instead homing for the medical devices and supplies industries. Correspondence between two state pharmacy boards and Amazon reveals that those state licenses can only be used for medical device and supplies distribution, the Jefferies report said, based on information that was obtained through a Freedom of Information Act request. This direction was likely chosen to avoid "the more comprehensive regulatory requirements associated with the Wholesale Drug Distribution Act," Jefferies analyst Brian Tanquilut said. That has created an overhang on stocks like AmerisourceBergen Corp. , Cardinal Health Inc. , McKesson Corp. , Express Scripts Holding Co. , CVS Health Corp. and Walgreens Boots Alliance Inc. ; "Unfortunately, we believe only time will refute these investor concerns," he said. Amazon shares have surged 15% over the last three months, compared with a 4.5% rise in the S&P 500 and a 6.6% rise in the Dow Jones Industrial Average .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
UPDATE 3-Cardinal Health misses revenue estimates; names new CEO
* Shares down 1.5 pct, earlier hit 4-year low
(Adds CEO quote, updates share price)
Drug stocks drop after report that Amazon has obtained pharmacy licenses
The stocks of companies in the pharmaceutical supply chain dropped in Thursday afternoon trade after a report by the St. Louis Post-Dispatch that online retailer Amazon has obtained approval to become a wholesale distributor in a number of states. Amazon has received approval in at least 12 states, the St. Louis Post-Dispatch reported. Speculation about an Amazon pharmacy entry has swirled since a CNBC report on the subject earlier this year, but Amazon has repeatedly declined to comment on or confirm any interest in pharmacy. Such a move would likely threaten a number of industry players, including drug wholesalers, pharmacy chains and pharmacy-benefit managers, middlemen that negotiate drug prices. Rite Aid Corp. shares dropped 5.6% in Thursday afternoon trade, CVS Health Corp. shares dropped 4.8%, Express Scripts Holding Company shares dropped 3.5%, McKesson Corp. shares dropped 3.4%, AmerisourceBergen Corp. shares dropped 4.4%, Walgreens Boots Alliance shares dropped 3.7% and Cardinal Health Inc. shares dropped 2.5%, compared with a 0.2% rise in the S&P 500 . Many of the stocks have plunged in the last several months on concerns about Amazon. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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