Walgreens Boots Alliance completes investment in Chinese pharmacy chain
Walgreens Boots Alliance has completed its agreement to acquire a 40% minority stake in Chinese retail pharmacy Sinopharm Holding GuoDa Drugstores.
The stake in GuoDa was acquired through a capital increase worth RMB2.767 billion. Walgreens Boots Alliance will account for the stake as an equity method investment.
Stefano Pessina, executive vice chairman and chief exceutive of Walgreens Boots Alliance, said: “We believe GuoDa holds a strong position in the sector, and as a global pharmacy-led health and beauty enterprise, we are well positioned to support its further growth ambition.
“We are looking forward to sharing our international best practices and pharmacy expertise. We believe there is great potential in working together to play a transforming role in the evolving Chinese retail pharmacy market.”
GuoDa operates more than 3,800 retail pharmacies across around 70 cities and employs close to 20,000 people. In 2016, it was consolidated into China National Accord Medicines Corporation.
