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TheStreet Open House

Cardinal Health Completes Acquisition Of AssuraMed, Leading Direct-To-Home Medical Supplies Distributor

DUBLIN, Ohio, March 18, 2013 /PRNewswire/ -- Cardinal Health today announced it has enhanced its ability to serve the growing population of aging and chronically ill patients by completing its $2.07 billion acquisition of privately held AssuraMed, a leading provider of medical supplies to patients in the home.

"We are very excited to welcome the AssuraMed team to the Cardinal Health organization," said George Barrett, chairman and chief executive officer of Cardinal Health.  "The acquisition of this industry leader allows us to serve the growing number of Americans treated in home settings – particularly those patients recovering from acute episodes and those suffering with chronic diseases.  This is a key platform opportunity for Cardinal Health products and services, which will be increasingly important as the delivery of care continues to move to more cost-effective settings."

All members of the AssuraMed management team have joined Cardinal Health, and the business will continue to be led by Michael B. Petras Jr. as president, AssuraMed. Financial results of AssuraMed will be reported as part of the Medical segment.

With proforma annual sales in calendar year 2012 of approximately $1 billion, AssuraMed currently serves more than 1 million patients nationally with more than 30,000 products.  The company will continue to operate through two separate businesses:  Edgepark, a mail-order, direct-to-home provider of disposable medical supplies, and Independence Medical, a wholesale medical supplies distributor providing services to home health agencies, providers, retailers, and home medical equipment customers.  The base of the company's operations will remain in Twinsburg, Ohio.

In addition to broadening Cardinal Heath's reach into the home, AssuraMed's products for patients with chronic diseases and small parcel logistics significantly enhances Cardinal Health's ability to service customers across the broad ambulatory care channel, including care sites such as physician offices and in support of home health agencies.  The AssuraMed purchase allows Cardinal Health to provide a more comprehensive solution for integrated delivery networks, retail pharmacies and medical equipment providers who are currently delivering services to patients in home settings. AssuraMed creates additional value for patients through its medical billing expertise via a broad array of relationships with commercial and government payors.

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