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UDG Healthcare to sell assets to McKesson for $466 million

UDG Healthcare PLC announced it is selling its Irish drug distributor unit to U.S. drug wholesaler McKesson Corp for $466 million, cutting debt and raising funds for acquisitions. UDG shares are up 6% in morning trading.

The company also named Chief Operating Officer Brendan McAtamney its new chief executive, replacing Liam Fitzgerald. In a statement Fitzgerald said, “We have ambitious growth plans and we intend to use the net proceeds of 227.5 million euros from this disposal to realize those, including the pursuit of further strategic M&A opportunities.”