DEERFIELD, Ill. — Walgreens Boots Alliance (WBA) plans to reduce its interest in Guangzhou Pharmaceuticals Corp., a pharmaceutical wholesale joint venture in China.

WBA said Friday that, under the agreement, it will sell a 30% stake in Guangzhou Pharmaceuticals to Guangzhou Baiyunshan Pharmaceutical Holdings.

After the proposed sale, which is pending regulatory approval and other customary closing conditions, Guangzhou Baiyunshan would hold 80% interest in Guangzhou Pharmaceuticals, while WBA would own a 20% interest. WBA said it will continue to account for its remaining stake as an equity method investment.

Earlier this month, WBA unveiled a $416 million deal to acquire a 40% stake in Sinopharm Holding GuoDa Drug Store Co. GuoDa is China’s largest retail pharmacy operator and a subsidiary of state-owned Sinopharm, the nation’s biggest pharmaceutical company.