Alpharma to sell telemarketing business for $40.1 million

New York, March 8 - Alpharma Inc. said it has agreed to sell its ParMed Pharmaceuticals, Inc. subsidiary to Cardinal Health, Inc. for $40.1 million in cash.

ParMed is a generic pharmaceutical telemarketing distribution business.

"The recent sale of Alpharma's generics business created a stronger, more focused platform for maximizing shareholder value," commented Alpharma vice chairman, president, and chief executive officer, Ingrid Wiik in a news release.

"The sale of the ParMed business further streamlines and focuses the company around its three continuing businesses with solid market positions and strong growth potential. With our expanded financial capabilities, we have the resources to invest in products and technologies to drive further growth and build long-term shareholder value."

Closing of the sale is expected in the first quarter.

ParMed's revenues were $53 million for the nine months to Sept. 30, 2005.

Alpharma is a Fort Lee, N.J., specialty pharmaceutical company.

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