December 22, 2017 / 12:03 PM / a year ago

Walgreens to cut stake in Chinese pharma wholesaler JV

Dec 22 (Reuters) - Walgreens Boots Alliance Inc said on Friday it would sell a 30 percent stake in a Chinese pharmaceutical wholesaling joint venture to partner Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd.

The joint venture was formed in 2008 as a 50-50 partnership between Guangzhou Pharmaceutical Co Ltd and Europe's Alliance Boots, which had paid 41 million pounds ($54.81 million) for the stake.

Walgreens Boots will own 20 percent of the joint venture, Guangzhou Pharmaceuticals Corp, following the stake sale, financial details of which were not disclosed.

The U.S. drug retailer this month said it would buy a 40 percent stake in Chinese pharmacy chain operator Sinopharm Holding GuoDa Drugstores Co Ltd for about $416 million, as it looks to expand in the country's fast-growing healthcare market. ($1 = 0.7480 pounds) (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Anil D'Silva)

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