Cordis

History

2023: Cordis bought MedAlliance

On October 2, 2023, Cordis, a manufacturer of equipment for the treatment of vascular diseases, announced the takeover of the Swiss firm MedAlliance. The transaction amount is approximately $1.1 billion. Read more here.

2021: Hellman & Friedman bought Cordis for $1bn

In mid-March 2021, Cardinal Health sold a division of Cordis specializing in the production of equipment for the treatment of vascular diseases. The deal worth $1 billion was concluded with the investment company Hellman & Friedman. The deal is expected to close in the second half of 2021.

The news comes almost six years after Cardinal Health bought Cordis and its minimally invasive cardiovascular technology from Johnson & Johnson for nearly $2 billion. Hellman & Friedman will assume certain obligations from Cordis under the deal, but Cardinal Health will retain full authority over lawsuits against Cordis inferior vena cava filters and all liability related to those filters.

Hellman & Friedman acquires Cordis for $1bn

Cardinal Health estimates that the sale of Cordis will reduce the annual profit of the medical segment by about $60-70 million. Cardinal Health classifies the Cordis business as for sale and plans to record a pre-tax loss of $120 million in the first quarter of 2021. The company also expects to fix expenses related to the planned alienation in the amount of up to $125 million, until the end of the financial year.

Our decision to sell Cordis demonstrates our disciplined approach to evaluating our portfolio and focusing our resources on areas of strategic growth where we are considered leaders, "CEO Mike Kaufmann of Cardinal Health said in a press release. - We remain committed to our medical product distribution business and the global medical product manufacturing business.

Hellman & Friedman partner Hunter Philbrick described the deal as "perfectly fitting into our big business investing philosophy."^[1]

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