Walgreens Boots Alliance reduces stake in Guangzhou Pharmaceuticals
Walgreens Boots Alliance announced on Monday that, following receipt of regulatory approvals, it has completed the previously announced sale of a 30 percent interest in Guangzhou Pharmaceuticals to its joint venture partner Guangzhou Baiyunshan Pharmaceutical Holdings.
As previously reported by Drug Store News, Walgreens Boots Alliance will continue to account for its remaining 20 percent stake in Guangzhou Pharmaceuticals as an equity method investment.
“We have also announced an agreement to reduce our investment in our wholesale partner, Guangzhou Pharmaceuticals Corporation, giving us a cash-on-cash return of 3.6 times. This will leave us with a 20 percent interest in this successful partnership,” George Fairweather, former Walgreens Boots Alliance executive vice president and global CFO, told analysts during its first quarter conference call in January.
Effective June 1, Fairweather became a senior advisor to CEO Stefano Pessina for business development and finance.
As previously reported by Drug Store News, Walgreens Boots Alliance will continue to account for its remaining 20 percent stake in Guangzhou Pharmaceuticals as an equity method investment.
“We have also announced an agreement to reduce our investment in our wholesale partner, Guangzhou Pharmaceuticals Corporation, giving us a cash-on-cash return of 3.6 times. This will leave us with a 20 percent interest in this successful partnership,” George Fairweather, former Walgreens Boots Alliance executive vice president and global CFO, told analysts during its first quarter conference call in January.
Effective June 1, Fairweather became a senior advisor to CEO Stefano Pessina for business development and finance.