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Walgreens Pumps $418 Million Into China's Top Pharmacy Chain

  • Walgreens acquires 40% stake in Sinopharm Holding Guoda
  • U.S. company boosts its investments in China with deal
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Walgreens' Pessina on Guoda Deal, Expansion Plans
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Walgreens Boots Alliance Inc. took a 40 percent stake in the leading retail-pharmacy network in China, boosting its investment in the country where an expanding middle-class consumer segment offers growth opportunities.

The U.S. drugstore chain will invest $418 million in Sinopharm Holding Guoda Drugstores Co., a subsidiary of China National Accord Medicines Corp. that has operated retail pharmacies across China since 2004, Walgreens said in a statement Wednesday. The Deerfield, Illinois-based company, which has been present in the Asian country for about a decade, said it’s “well positioned” to provide expertise to Guoda and support its growth.