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Walgreens completes 30% stake reduction in Chinese drug firm

U.S. retail pharmacy chain Walgreens Boots Alliance Inc. announced June 4 the completion of a previously announced sale of a 30% stake in Guangzhou Pharmaceuticals Corp. to its joint venture partner Guangzhou Baiyunshan Pharmaceutical Holdings.

The company said it will continue to hold its remaining 20% stake in Guangzhou Pharmaceuticals as an equity method investment.

Walgreens' sale marks the latest in a series of deals it has done, including some abroad. In January, Walgreens contributed to a $25 million Series B investment in Israel-based TytoCare Ltd., which makes devices used in telemedicine.

The Guangzhou sale also follows Walgreens' December 2017 acquisition of a stake in Shanghai-based Sinopharm Holding GuoDa Drug Store Co. Ltd. The investment, worth about $416 million at the time, amounts to a 40% stake in the Chinese company.

In October 2017, Walgreens sold Bcm Cosmetique Sa, a cosmetics company based in France, to Luxembourg-based Fareva Holding SA for an unspecified sum.