Cardinal Health to Sell Its Cordis Business to Hellman & Friedman Private Equity Firm

March 12, 2021—Cardinal Health announced that it has signed a definitive agreement to sell its Cordis business to Hellman & Friedman (H&F) for approximately $1 billion. H&F is a global private equity firm. The transaction is expected to close in the first half of Cardinal Health’s fiscal year 2022, subject to customary closing conditions and regulatory clearances.

As noted in the announcement, H&F is partnering with Ajax Health and Zeus Health in the transaction to create the Cordis Accelerator, an independent research and development platform to develop and commercialize a new pipeline of products exclusively for Cordis.

After closing, most assets and liabilities associated with the Cordis business will transfer to H&F. The acquisition price includes buyer’s assumption of certain liabilities and seller’s retention of certain working capital accounts.

According to Cardinal Health, it will retain full authority for lawsuits related to inferior vena cava filters in the United States and Canada, as well as liability associated with these matters.

In October 2015, Cardinal Health announced the completion of its acquisition of the Cordis business from Johnson & Johnson for $1.944 billion.