Walgreens Boots Alliance is shopping for the remainder of Shields Well being Options for $1.37 billion, the … [+]
Walgreens Boots Alliance is shopping for the remainder of the specialty pharmacy firm Shields Well being Options for $1.37 billion.
The nation’s largest drugstore chain stated it has “entered right into a definitive settlement to amass the remaining 30% stake” of Shields from fairness holders within the specialty pharmacy firm that embrace personal fairness agency Welsh, Carson, Anderson & Stowe and the corporate’s founder and board chairman Jack Shields. The deal is anticipated to shut by the top of the 2022 calendar 12 months.
Specialty pharmacies are an more and more essential participant within the U.S. well being system given the flood of pricy medication available on the market derived from biotechnology. Such medicines are extra difficult than capsules and capsules picked up on the nook drugstore and infrequently require specialty administration, refrigeration, package deal and affected person directions.
“Our full acquisition of Shields will full one other main milestone as a part of our consumer-centric healthcare technique to drive sustainable long-term progress, and we’re very happy with our partnership and integration with Shields,” Walgreens chief government Roz Brewer stated Tuesday. “We will now make additional progress on our technique by means of Shields’ built-in mannequin, growing our worth to well being programs, increasing entry to payor companions and supporting improved outcomes and decrease prices.”
Shields has almost 80 well being system companions representing roughly 1,000 hospitals nationwide that serve greater than 1 million sufferers, the businesses stated. Walgreens made its preliminary funding in Shields in 2019.
“Shields will proceed as a definite enterprise and model inside Walgreens,” Walgreens stated in a press release. “John Lucey, co-founder and present president of Shields, will lead the group as CEO of Shields, and present Shields CEO Lee Cooper will tackle a brand new government position inside WBA. Lucey partnered with Jack Shields 10 years in the past to start out the enterprise and has led its operations for many of that point.”
In the identical press launch saying the Shields deal, Walgreens stated John Standley is leaving the corporate to “pursue different alternatives.” Standley, a former Ceremony Support CEO, has been main all of Walgreens U.S. drugstore operations for the final two years.
Walgreens stated the phase will “now be organized below two leaders: pharmacy led by Cooper, and retail led by Tracey Brown, president, Walgreens Retail Merchandise and chief buyer officer.”
“Each will report on to Brewer and serve on the Government Management Workforce,” Walgreens stated. “Cooper has been appointed to the position of government vp, Walgreens Pharmacy, starting Oct. 1, and Standley will stay on the firm till Nov. 1 to make sure a clean transition.”
