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Blackstone to buy Cardinal Health's Pharmaceutical Technologies and Services26/01/2007. Source: AltAssets. 
 Cardinal Health, a US provider of products and services supporting the healthcare industry, has agreed to sell its Pharmaceutical Technologies and Services segment to The Blackstone Group for approximately $3.3bn in cash.
The PTS businesses develop, manufacture and package medication and other products for pharmaceutical and biotech firms. They employ approximately 10,000 people at more than 30 facilities worldwide and generate approximately $1.8bn in annual revenue, according to a statement.
Chinh Chu, senior managing director of Blackstone, and Alex Erdeljan, senior advisor to Blackstone, said in a joint statement, 'We are attracted to the strong industry fundamentals and leadership market positions of PTS in contract manufacturing, drug development, and packaging and printing services. We will work in concert with PTS' proven and experienced management team to build upon and strengthen their platform of competitive offerings, in order both to accelerate and enhance the growth and profitability of the PTS businesses.'
Cardinal Health will retain Martindale and Beckloff Associates, two businesses that support the generic pharmaceutical market.
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