Search

Walgreens sells shares in Option Care Health - Crain's Chicago Business

Walgreens Boots Alliance is selling off a chunk of its stake in Option Care Health, an infusion services company that Walgreens first purchased more than 15 years ago.

The Deerfield-based pharmacy giant said it sold about 15.5 million Option Care shares for $30.75 per share. With the sale, Walgreens’ ownership stake in Bannockburn-based Option Care falls from 14% to 6%.

The funds will be used to pay down Walgreens’ debt, some of which was incurred during recent deals to invest or acquire health care delivery businesses. Walgreens said the funds will also help it support the company’s “strategic priorities,” which of late revolve around the company’s plan to transform into a vertically integrated health care business that offers everything from pharmacy to primary care and home health care services.

The company did not immediately respond to a request for comment.

Walgreens stock was down slightly this morning, trading at about $35. Meanwhile, Option Care's stock was up nearly 3%, trading at about $32.

Option Care provides complicated intravenous medications outside of hospital settings, making its services attractive to patients because of convenience and, typically, lower costs.

Walgreens paid $760.5 million to acquire Option Care in 2007 before selling the majority of it to Chicago private-equity firm Madison Dearborn Partners in 2015 shortly after merging with European pharmacy chain Alliance Boots. A few months later, Madison Dearborn took Option Care private before taking it public again in 2021.

Since the sale to Madison Dearborn, Walgreens has continued to shrink its stake in Option Care: Walgreens sold 11 million shares and cut its stake from 20.5% to 14.4% in August.

The divestments come as Walgreens strays from its pharmacy roots and pours billions into adding an array of health care delivery services. Specifically, with VillageMD, a Chicago-based primary care provider, Walgreens has said it plans to open 1,000 clinics at Walgreens stores across the country and expects its health care segment to turn profitable by fiscal 2024.

About 13 million of the 15.5 million shares were sold in an underwritten secondary offering and, subject to completion of the offering, Option Care will repurchase about 2.5 million. The offering is expected to close tomorrow, Option Care said in a statement.

Adblock test (Why?)



"care" - Google News
March 03, 2023 at 01:17AM
https://ift.tt/o8kAqzj

Walgreens sells shares in Option Care Health - Crain's Chicago Business
"care" - Google News
https://ift.tt/hPOnBxo
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Bagikan Berita Ini

0 Response to "Walgreens sells shares in Option Care Health - Crain's Chicago Business"

Post a Comment


Powered by Blogger.