GuoDa operates more than 3,800 retail pharmacies in China.

DEERFIELD, Ill. – Walgreens Boots Alliance (WBA) today announced that, following receipt of regulatory approvals, it has completed the previously announced agreement to acquire a 40% minority stake in Sinopharm Holding GuoDa Drugstores Co., Ltd. (GuoDa), a leading retail pharmacy chain in China.

WBA acquired the minority stake in GuoDa through a capital increase worth RMB2.767 billion (around $416 million), and will account for the stake as an equity method investment. GuoDa operates more than 3,800 retail pharmacies across around 70 cities, and employs close to 20,000 people.

“We are delighted that we have received regulatory approvals and our investment agreement has now been completed,” said executive vice chairman and chief executive officer Stefano Pessina. “We believe GuoDa holds a strong position in the sector, and as a global pharmacy-led health and beauty enterprise, we are well positioned to support its further growth ambition. We are looking forward to sharing our international best practices and pharmacy expertise. We believe there is great potential in working together to play a transforming role in the evolving Chinese retail pharmacy market.”