Cardinal Health Inc. (NYSE:CAH) has received federal regulatory clearance to move ahead with its $1.3 billion purchase of New York-area drug and home healthcare products distributor Kinray Inc.
Cardinal expects to close the deal “shortly,” according to a statement from the medical products and drug distributor in Dublin, Ohio.
The Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, according to the company. The law generally requires a 30-day waiting period for a merger or acquisition to close so regulators have enough time to investigate the deal.
Cardinal announced the deal last month, noting that adding Kinray would help expand its presence in the lucrative New York market.
Privately held Kinray’s annual sales exceed $3.5 billion, and the company has more than 2,000 retail independent pharmacy customers. The deal expands Cardinal’s base of independent retail pharmacy customers by 40 percent to about 7,000.