U.S. pharmacy giant Walgreens Boots Alliance (Walgreens) announced on Wednesday it would invest 2.767 billion RMB (around 416 million U.S. dollars) in a top pharmacy chain in China, to boost its investment in the country.
After reaching an agreement with China National Accord Medicines Corporation Ltd. to become an investor in its subsidiary Sinopharm Holding Guoda Drugstores Co., Ltd (Guo Da), Illinois based Walgreens would take a 40 percent stake in Guo Da, according to the statement on Walgreens' website.
Walgreens Chief Executive Officer Stefano Pessina said he is "excited about the opportunity to further invest in the country's fastest growing retail pharmacy sector," adding that his company has had a presence in China for about a decade.
Walgreens already has had a joint venture in China known as Guangzhou Pharmaceuticals, which is a drug wholesaler in China. The joint venture operates pharmacies under a local brand.