Cardinal Health sells pharma segment

One of the nation’s top three drug distributors, Cardinal Health says it wants to streamline its businesses as it reshapes the company under new management led by R. Kerry Clark, president and CEO.

“The move allows us to accelerate the repurchase of Cardinal Health shares and focus our full attention on our mission to help make health care safer and more productive through our supply-chain and clinical products businesses,” Clark says.

Blackstone, a private investment and advisory firm, is “attracted to the strong industry fundamentals and leadership market positions of PTS in contract manufacturing, drug development, and packaging and printing services,” adds Chinh Chu, Blackstone senior managing director.

PTS is headquartered in Somerset, NJ, and is the leading contract manufacturing and service provider for the pharmaceutical industry. Among its core offerings, it develops and manufactures oral and sterile medication in nearly all dosage forms. PTS holds patents for the softgel and Zydis fast-dissolve technologies used in many prescription and over-the-counter medicines. PTS is also a major contract packager of pharmaceuticals.

Blackstone has appointed George Fotiades, former CEO of PTS, and Aleksander Erdeljan to the board of PTS.