Walgreens Boots Alliance will not be selling its Shields Health Solutions, a specialty pharmacy business, after initial reports that the retail company was looking to offload the pharmacy in January.
"Because we love working with health systems and Shields is a terrific asset, and I love the fact that we've got it," Tim Wentworth, CEO of Walgreens Boots Alliance, said at the TD Cowen Health Conference on March 4 in Boston, a Walgreens spokesperson told Becker's in a statement. "From that standpoint, whatever you may have read, don't believe it. We are not announcing we're selling Shields."
Walgreens acquired a large stake in Shields Health Solutions in 2019. It took majority control in 2021 and acquired the remaining 30% stake for $1.37 billion 2022.
Mr. Wentworth also noted that Shields, which is valued at more than $4 billion, is a key component to Walgreens' growth strategy.
"We are looking at Shields to make sure we think about the best way to get the most value for the marketplace and for ourselves by owning that," Mr. Wentworth said.
Becker's has reached out to Walgreens for a comment and will update this story as more information becomes available.