Walgreens agrees 2.76 billion yuan deal with China’s largest health care retailer for pharmacy stake

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Photo: Fortune.com

Global pharmacy and health care company Walgreens Boots Alliance said on Wednesday it had signed an agreement with Sinopharm Group, China’s largest retailer of pharmaceutical and health care products, in a deal worth 2.76 billion yuan (US$417 million).

The agreement, between Sinopharm subsidiary China National Accord Medicines and Walgreens Boots Alliance, the largest retail pharmacy and health care chain across the United States and Europe, will see the latter purchase a 40 per cent stake in Sinopharm Holding Guoda Drugstores, as it seeks to take advantage of the growing interest in health care among Asian consumers, according to Sinopharm.

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