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By Market News Video Staff, Monday, November 29, 11:31 AM ET
Cardinal Health (NYSE:CAH) announced a $470 million acquisition today, of privately held health care distribution business Zuellig Pharma China. The company is known locally as Yong Yu, and is the largest pharmaceutical importer in the country, Cardinal Health said.
Cardinal Health said the deal extends its distribution and services presence in China’s fast-growing health care market. The pharma distribution business is expended to growth a compound rate of 20% annually through 2014.
Yong Yu currently has annual sales of $1 billion.
Cardinal Health said it expects the transaction to be slightly accretive to non-GAAP earnings in fiscal 2011, and more meaningfully accretive in 2012 and beyond.
Cardinal Health shares are trading down 1.5% Monday.
At 4.99% of the fund, Cardinal Health is the third-largest holding of the Dynamic Healthcare Portfolio (PTJ).
Medco Health Solutions (MHS) is the top holdings in the fund, at 5.74%, followed by Express Scripts (ESRX), at 5.05%.
Humana (NYSE:HUM) and Cigna (CI) round out the top five holdings in the fund.
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