Walgreens Investing $416 Million in Chinese Retail Pharmacy Chain
Drugstore chain Walgreens will buy the minority stake from China National Accord Medicines Corp. for about $416 million.
Following receipt of regulatory approvals, Walgreens Boots Alliance, Inc. has completed the previously announced agreement to acquire a 40% minority stake in Sinopharm Holding GuoDa Drugstores Co., Ltd. (GuoDa), a leading retail pharmacy chain in China.
GuoDa operates more than 3,800 retail pharmacies across around 70 cities, and employs close to 20,000 people. In 2016, GuoDa was consolidated into China National Accord Medicines Corporation Ltd. After over 10 years of rapid growth, GuoDa has developed national coverage across 19 provinces, autonomous regions and municipalities.
“We are delighted that we have received regulatory approvals and our investment agreement has now been completed," said EVP and CEO Stefano Pessina. "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.”