December 22, 2017 / 12:13 PM / a month ago

Walgreens to cut stake in Chinese pharma wholesaler JV

(Reuters) - Walgreens Boots Alliance Inc (WBA.O) said on Friday it would sell a 30 percent stake in a Chinese pharmaceutical wholesaling joint venture to partner Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd (600332.SS).

The joint venture was formed in 2008 as a 50-50 partnership between Guangzhou Pharmaceutical Co Ltd and Europe’s Alliance Boots, which had paid 41 million pounds ($54.81 million) for the stake.

    Walgreens Boots will own 20 percent of the joint venture, Guangzhou Pharmaceuticals Corp [GZPHA.UL], following the stake sale, financial details of which were not disclosed.

    The U.S. drug retailer this month said it would buy a 40 percent stake in Chinese pharmacy chain operator Sinopharm Holding GuoDa Drugstores Co Ltd for about $416 million, as it looks to expand in the country’s fast-growing healthcare market.

    ($1 = 0.7480 pounds)

    Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Anil D'Silva

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