BRIEF—Shanghai Pharma bidding for Cardinal Health's Chinese business

Shanghai Pharmaceuticals is attempting to buy the China division of US giant Cardinal Health, in a deal which could be worth up to $1.5 billion, according to estimates of the company's worth.

Chinese press reports that the country’s third largest drug distributor made a nonbinding bid for the company in July, and another in September.

Shanghai Pharma had an operating revenue of 113.8 billion yuan ($17.2 billion) last year. Cardinal China had revenues of 25.4 billion yuan last year.