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Shanghai Pharma completes deal for Cardinal Health's China distribution unit

Shanghai Pharmaceuticals Holding Co. Ltd. completed its acquisition of Cardinal Health Inc.'s distribution business in China.

The deal does not include Cardinal Health's remaining businesses in the Chinese market, including cardiovascular devices manufacturer Cordis, its patient recovery business, or its medical sourcing team operations.

The net proceeds for the $1.2 billion deal amount to about $800 million after deducting expenses related to the sale.