Pharma BD Deal Intelligence
A scandal-discounted price bought Cardinal a durable, now-core nuclear pharmacy franchise — but the deal is remembered as much for its FCPA precedent as its commercial success.
Full analysis, sources & comparables →This acquisition provides Cardinal Health with a leadership presence in the high-growth and profitable nuclear pharmacy business... Cardinal Health expects the…
Cardinal Health closed the Syncor deal Jan. 1, 2003 — value reduced from ~$1.1B to ~$760M after Cardinal uncovered questionable Syncor overseas payments;…
Cardinal placed a substantial bet on radiopharmaceuticals in 2002, purchasing Syncor in a deal worth just over $1B and gaining manufacturing, nuclear-pharmacy…
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Closed January 1, 2003. Originally ~$1.1B, reduced to ~$760M after Syncor fraud disclosure. Made Cardinal #1 in nuclear pharmacy services. 0.47 share-exchange ratio. Sources: AuntMinnie, FTC, Pharmaceutical Commerce.
A scandal-discounted price bought Cardinal a durable, now-core nuclear pharmacy franchise — but the deal is remembered as much for its FCPA precedent as its commercial success.
Assessment window: 15yr post-close.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Cardinal Health Inc. / Syncor International Corporation (this deal) | 2003 | $760M | 74 |
| Eli Lilly and Company / Applied Molecular Evolution Inc. | 2003 | $400M | 88 |
| Takeda Pharmaceutical Company Ltd. / Millennium Pharmaceuticals | 2003 | $8.8B | 82 |
| Genzyme Corporation / SangStat Medical Corporation | 2003 | $600M | 78 |
| Takeda Pharmaceutical Company Ltd. / Ariad Pharmaceuticals | 2003 | $5.2B | 77 |
| IDEC Pharmaceuticals Corporation / Biogen Inc. | 2003 | $6.5B | 77 |
| Johnson & Johnson / Crucell NV | 2003 | $2.4B | 75 |
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