カーディナルヘルスがMedtronicのPatient Recovery事業の買収を完了

カーディナルヘルス(Cardinal Health)

2017/7/31 10:13

カーディナルヘルスがMedtronicのPatient Recovery事業の買収を完了

AsiaNet 69488(1138)

【ダブリン(米オハイオ州)2017年7月31日PR Newswire=共同通信JBN】カーディナルヘルス(Cardinal Health)(NYSE: CAH)は31日、MedtronicのPatient Care、Deep Vein Thrombosis、Nutritional Insufficiency事業の61億ドルでの買収がこのほど完了したと発表した。買収資金は、新発の優先無担保債券45億ドル、現金および同社の既存のクレジット契約に基づく借入金により調達された。

カーディナルヘルスのジョージ・バレット会長兼最高経営責任者(CEO)は「この事業は、顧客により多くの製品を提供するとともに、当社のポートフォリオに必然的に適合し、現在の医療製品ビジネスを補完する幾つかの確立されたブランドを含んでいる。われわれは、これらの製品と多くの従業員をよく知っており、われわれのチームメンバーが、品質、顧客サービス、そしてわれわれが最終的に奉仕する患者への共通のコミットメントを共有していることを見てきた。われわれは世界中の新たな同僚をカーディナルヘルスに迎えることに非常に興奮している」と述べた。

Patient Care、Deep Vein Thrombosis、Nutritional Insufficiency事業は、ほぼ全ての米国の病院で使用されているCurity、Kendall、Dover、Argyle、Kangarooなどの業界をリードする多数のブランドを含む複数の医療関係市場にまたがる23の製品カテゴリーを網羅している。

同社は既に、今回の買収は非GAAPベース(注1)の継続事業からの希薄化後1株当たり利益を、漸進的な年間ファイナンス関連の支払利息控除後で1株当たり0.21ドル(2018年度)増加するとの予想と、買収完了後の最初の数四半期には最大1億ドルの在庫増強費用を計上することも発表している。前回の開示と同様、同社は現在も、2019年度の非GAAPベースの希薄化後1株当たり利益は1株当たり0.55ドル超増加し、その後はさらに増えると予想している。同社は、2020年度末までにシナジー効果が1億5000万ドルを超えると想定している。

Patient Care、Deep Vein Thrombosis、Nutritional Insufficiency事業はカーディナルヘルスの一部となり、ドン・ケーシー同部門CEOが率いる。統合の取り組みは成功を収めており、今後18カ月で全ての統合作業と移行が完了すると期待されている。

ゴールドマン・サックスおよびPerella Weinberg Partners LPはこの取引でカーディナルヘルスの財務アドバイザーを、Skadden, Arps, Slate, Meagher & Flom LLPおよびJones Dayは法律顧問をそれぞれ務めた。

▽非GAAP財務手段(脚注含む)

(注1)非GAAPベースの継続事業からの希薄化後1株当たり利益の増加予想は(A)(1)LIFO費用/(与信)(2)リストラおよび従業員解雇(3)償却費および買収関連コスト(4)資産処分に関する減損および(利益)損失(5)訴訟(回収)/費用(純額)および(6)債務消滅時の損失(各税額控除後)を控除した継続事業からの利益を(B)希薄化後加重平均発行済株式数で除したものである。

カーディナルヘルスは、非GAAPベースの希薄化後1株当たり利益を、継続事業からの将来見通しベースで提示している。最も直接的に比較可能な将来見通しのGAAP指標は、継続事業からの希薄化後1株当たり利益である。カーディナルヘルスは、この将来見通しの非GAAP指標の定量的な調整を、直接的に比較可能なGAAP指標と直接比較することはできない。その理由は、カーディナルヘルスがLIFO費用/(与信)、リストラおよび従業員解雇、償却費および(当社がPatient Care、Deep Vein Thrombosis、Nutritional Insufficiency事業の買収により大幅に増加すると予想している)買収関連コスト、資産処分に関する減損および(利益)/損失、並びに予測および推定が困難な訴訟(回収)費用(純額)を信頼性のある形で予測することができないからである。これらの項目が利用できないことがカーディナルヘルスの将来の財務内容に重大な影響を及ぼす可能性があることに留意願う。これらの項目により、1株当たり利益および1株当たり利益の増加分は、当社の非GAAP予想と大幅に異なる可能性がある。

▽カーディナルヘルス(Cardinal Health)について

カーディナルヘルス(Cardinal Health Inc.)は世界的な統合された医療サービス・製品企業であり、世界中の病院システム、薬局、外来手術センター、臨床検査機関、診療所向けにカスタマイズされたソリューションを提供している。同社は、臨床的に実証済みの医療製品および医薬品とコスト効率の良いソリューションを提供し、サプライチェーンの効率性を高めている。カーディナルヘルスは、統合されたケア調整とより良い患者管理のために患者、プロバイダー、支払人、薬剤師および製造業者を結び付けている。MedtronicのPatient Care、Deep Vein Thrombosis、Nutritional Insufficiency事業の買収により、同社は約60カ国に約5万人の従業員を擁することになる。カーディナルヘルスはフォーチュン500でトップ15にランク入りしている。より詳細な情報はcardinalhealth.com(http://www.cardinalhealth.com/ )をクリックするか、Twitterで@CardinalHealth(http://www.twitter.com/cardinalhealth )をフォロー、ないしLinkedInでlinkedin.com/company/cardinal-health(http://www.linkedin.com/company/cardinal-health )にコネクトを。

ソース:Cardinal Health

▽メディア問い合わせ先

Ellen Barry

+1 (614) 553-3858

ellen.barry@cardinalhealth.com

▽投資家問い合わせ先

Lisa Capodici

+1 (614) 757-5035

lisa.capodici@cardinalhealth.com

Cardinal Health Completes Acquisition of Medtronic's Patient Recovery Business

PR69488

DUBLIN, Ohio, July 31, 2017 /PRNewswire=KYODO JBN/ --

Cardinal Health (NYSE: CAH) today announced that it has completed the

acquisition of Medtronic's Patient Care, Deep Vein Thrombosis and Nutritional

Insufficiency business for $6.1 billion. The acquisition was funded with a

combination of $4.5 billion in new senior unsecured notes, existing cash and

borrowings under our existing credit arrangements.

"This business provides our customers with more product offerings and includes

some well-established brands that fit naturally within our portfolio and are

complementary to our current medical products business. We know these products

and many of the employees well, and have seen that our team members share a

common commitment to quality, customer service and the patients who we all

ultimately serve," said George Barrett, chairman and CEO of Cardinal Health.

"We are extremely excited about welcoming our new colleagues from around the

world to Cardinal Health."

The Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency business

encompasses 23 product categories across multiple market sites of care,

including numerous industry-leading brands, such as Curity, Kendall, Dover,

Argyle and Kangaroo – brands used in nearly every U.S. hospital.

The company also previously announced that it expects the acquisition to be

accretive to non-GAAP(1) diluted earnings per share from continuing operations

by more than $0.21 per share in fiscal 2018, net of incremental annual

financing-related interest expense, and includes up to $100 million of

inventory step-up costs during the first few quarters following closing. As

previously disclosed, the company still expects the acquisition to be accretive

to non-GAAP diluted earnings per share by more than $0.55 per share in fiscal

2019, and increasingly accretive thereafter. By the end of fiscal 2020, the

company assumes synergies will exceed $150 million.

The Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency business

will become part of Cardinal Health's Medical segment, which is led by Don

Casey, the segment's chief executive officer. Integration efforts are off to a

successful start and it is expected that all integration work and transitions

will be completed over the next 18 months.

Goldman, Sachs & Co. and Perella Weinberg Partners LP served as Cardinal

Health's financial advisors on this transaction, and Skadden, Arps, Slate,

Meagher & Flom LLP and Jones Day served as its legal advisors.

Non-GAAP financial measures (including footnote)

Footnote (1) Expected accretion to non-GAAP diluted earnings per share from

continuing operations reflects: (A) earnings from continuing operations,

excluding (1) LIFO charges/(credits), (2) restructuring and employee severance,

(3) amortization and acquisition-related costs, (4) impairments and (gain)/loss

on disposal of assets, (5) litigation (recoveries)/charges, net, and (6) loss

on extinguishment of debt, each net of tax, (B) divided by diluted weighted

average shares outstanding.

Cardinal Health presents non-GAAP diluted earnings per share from continuing

operations on a forward-looking basis. The most directly comparable

forward-looking GAAP measure is diluted earnings per share from continuing

operations. Cardinal Health is unable to provide a quantitative reconciliation

of this forward-looking non-GAAP measure to the most directly comparable

forward-looking GAAP measure, because Cardinal Health cannot reliably forecast

LIFO charges/(credits), restructuring and employee severance, amortization and

acquisition-related costs (which Cardinal Health expects to increase

significantly as a result of the acquisition of the Patient Care, Deep Vein

Thrombosis and Nutritional Insufficiency businesses), impairments and

(gain)/loss on disposal of assets and litigation (recoveries)/charges, net,

which are difficult to predict and estimate. Please note that the unavailable

reconciling items could significantly impact Cardinal Health's future financial

results. These items could cause earnings per share and the accretion to

earnings per share to differ materially from the company's non-GAAP

expectations.  

About Cardinal Health

Cardinal Health Inc. is a global, integrated healthcare services and products

company, providing customized solutions for hospital systems, pharmacies,

ambulatory surgery centers, clinical laboratories and physician offices

worldwide. The company provides clinically-proven medical products and

pharmaceuticals and cost-effective solutions that enhance supply chain

efficiency. Cardinal Health connects patients, providers, payers, pharmacists

and manufacturers for integrated care coordination and better patient

management. With the acquisition of Medtronic's Patient Care, Deep Vein

Thrombosis and Nutritional Insufficiency business the company will have

approximately 50,000 employees in nearly 60 countries. Cardinal Health ranks

among the top 15 on the Fortune 500. For more information, visit

cardinalhealth.com (http://www.cardinalhealth.com/), follow @CardinalHealth on

Twitter (http://www.twitter.com/cardinalhealth) and connect on LinkedIn at

linkedin.com/company/cardinal-health

(http://www.linkedin.com/company/cardinal-health).

Cautions Concerning Forward-Looking Statements

This release contains forward-looking statements addressing Cardinal Health's

plans to acquire Medtronic's Patient Care, Deep Vein Thrombosis and Nutritional

Insufficiency businesses and other statements about future expectations,

prospects, estimates and other matters that are dependent upon future events or

developments. These statements may be identified by words such as "expect,"

"anticipate," "intend," "plan," "believe," "will," "should," "could," "would,"

"project," "continue," "likely," and similar expressions, and include

statements reflecting future results, trends or guidance, statements of outlook

and expense accruals. These matters are subject to risks and uncertainties that

could cause actual results to differ materially from those projected,

anticipated or implied. These risks and uncertainties include: the ability to

retain the acquired businesses' customers and employees, the ability to

successfully integrate the acquired businesses into Cardinal Health's

operations, and the ability to achieve the expected synergies as well as

accretion in earnings; competitive pressures in Cardinal Health's various lines

of business; the amount or rate of generic and branded pharmaceutical price

appreciation or deflation and the timing of and benefit from generic

pharmaceutical introductions; the ability to maintain the benefits from the

generic sourcing venture with CVS Health; the risk of non-renewal or a default

under one or more key customer or supplier arrangements or changes to the terms

of or level of purchases under those arrangements; uncertainties due to

government health care reform including proposals to modify or repeal the

Affordable Care Act; uncertainties with respect to U.S. tax or trade laws,

including proposals relating to a "border adjustment tax" or new import

tariffs; changes in the distribution patterns or reimbursement rates for health

care products and services; the effects of any investigation or action by any

regulatory authority; and changes in foreign currency rates and the cost of

commodities such as oil-based resins, cotton, latex and diesel fuel. Cardinal

Health is subject to additional risks and uncertainties described in Cardinal

Health's Form 10-K, Form 10-Q and Form 8-K reports and exhibits to those

reports. This release reflects management's views as of July 31, 2017. Except

to the extent required by applicable law, Cardinal Health undertakes no

obligation to update or revise any forward-looking statement.  

SOURCE  Cardinal Health

CONTACT:  Media - Ellen Barry, +1 (614) 553-3858,

ellen.barry@cardinalhealth.com | Investors - Lisa Capodici, +1 (614) 757-5035,

lisa.capodici@cardinalhealth.com

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