Off the wire
• Chicago agricultural commodities settle lower  • World Bank predicts Belarus' economy growth at 2.1 pct in 2018  • Spotlight: U.S. recognition of Jerusalem as Israeli capital stirs sentiments of Islamic world  • U.S. lawmakers vote to reject Democrat's resolution to impeach Trump  • Obesity prevention may become easier with fat cell control: study  • Xinhua Middle East news summary at 2200 GMT, Dec. 6  • Iraq says U.S. recognition of Jerusalem as Israel's capital brings new conflict  • Colombia continues search for three missing miners after six die  • Police arrest most wanted drug kingpin in Rio de Janeiro  • DNA-based compound may reduce damages of Alzheimer's disease: study  
You are here: 　

Walgreens to invest 416 mln USD in China's top pharmacy chain

Xinhua,December 07, 2017 Adjust font size:

CHICAGO, Dec. 6 (Xinhua) -- 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. Enditem

 

Related News & Photos