Cardinal Health Inc. has agreed to sell its Chinese pharmaceutical and medical-products distribution business to a local rival, in the latest pullback by a U.S. company in the world’s second-largest economy. In a statement, Hong Kong-listed Shanghai Pharmaceuticals Holding Co. said Wednesday it would acquire Cardinal Health China for $557 million after the exclusion of debt and other accounting adjustments. It put the “base payment” figure at $1.2 billion, the same price tag Cardinal Health attached to the deal in a separate...

Source: Wall Street Journal November 15, 2017 07:30 UTC