Walgreens Boots Alliance reduces stake in China's pharmacy wholesaler

It has been announced that Walgreens Boots Alliance will be reducing its stake in Guangzhou Pharmaceuticals Corporation, a pharmaceutical wholesaling joint venture in China. This announcement comes after the Deerfield, Ill.-based company announced plans earlier this year their plans to take a 40% stake in Sinopharm Holding GuoDa Drugstores.

The company will sell a 30% interest in Guangzhou Pharmaceuticals Corporation to Guangzhou Baiyunshan Pharmaceutical Holdings. This will lead Walgreens Boots Alliance to own a 20% interest in Guangzhou Pharmaceuticals Corporation, and it will allow the company to continue to account for the other’s remaining stake as an equity method investment.

This proposed deal is subject to regulatory review, approval and other customary closing conditions. 

Walgreens Boots Alliance's portfolio of retail and business brands includes Walgreens, Duane Reade, Boots and Alliance Healthcare among others.