Walgreens Boots Alliance will reduce its ownership in its China drug distribution JV with Guangzhou Pharmaceutical Co. Ltd.
December 26, 2017 -- Walgreens Boots Alliance will reduce its ownership in its China drug distribution JV with Guangzhou Pharmaceutical Co. Ltd. The company announced plans to sell a 30% stake in the JV to Guangzhou for an undisclosed price, reducing its ownership in the JV to 20%. Earlier this month, WBA agreed to pay $420 million for a 40% stake in Sinopharm Holding’s GuoDa Drug Store Company, the largest retail pharmacy chain in China. WBA is a global chain consisting of retail pharmacies and drug distribution operations.
