Walgreens to buy remaining stake in Shields Health for $1.37 billion

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The Walgreens logo is seen outside the store in Times Square in New York

(Reuters) -Walgreens Boots Alliance said on Tuesday it would buy the remaining stake in specialty pharmacy company Shields Health Solutions for $1.37 billion.

Walgreens last year spent $970 million to increase its stake in the company to 71%, with an option to acquire remaining equity interests in the future.

Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer, multiple sclerosis and rheumatoid arthritis.

Founded in 2012, Shields Health Solutions helps hospitals provide specialty pharmacy services.

Walgreens has been seeking to shift its focus beyond drugstores, and last year it raised its stake in primary care provider VillageMD to 63%.

(Reporting by Manas Mishra in Bengaluru; Editing by Anil D’Silva and Uttaresh.V)