Walgreens may sell $2B pharmacy automation business
Retail pharmacy giant Walgreens is reportedly considering selling its pharmacy automation business, valued at $2 billion.
The news was first reported by Bloomberg, which cited people familiar with the matter. Walgreens is reportedly working with its advisors to start a sales process “in the next month or so,” Bloomberg reported. It is likely rival healthcare companies will be interested in acquiring the business as well as private equity firms. However, Walgreens could still opt to keep the business.
The move comes as Walgreens is shoring up its business amid a period of big transactions in the healthcare space. VillageMD, Walgreens’ affiliate, is in the middle of acquiring Summit Health-City MD. That deal, valued at nearly $10 billion, was announced last year.
Walgreens’ pharmacy automation business, iA, helps other pharmacies fill prescriptions. The retail pharmacy chain acquired a majority stake in the company in March 2021 for $451 million in cash.
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Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."