(By Balaseshan) Walgreen Co. (NYSE: WAG), which operates the drugstore chain in the U.S., said it has completed a transaction to gain ownership stake in Cystic Fibrosis Specialty Pharmacy for an undisclosed sum.
Walgreens and the Cystic Fibrosis Foundation announced they have completed a transaction giving Walgreens a significant ownership stake in Cystic Fibrosis Foundation Pharmacy LLC, the parent company of Cystic Fibrosis Services Inc.
The transaction gives Walgreens and the CF Foundation joint ownership of two businesses: CF Services, a specialty pharmacy for CF patients and their families; and Pharma Dynamics Inc., a provider of new product launch support and call center services for drug manufacturers.
CF Services will continue to operate under its current name and remain based in the same location in Bethesda, Maryland. Pharma Dynamics Inc. was previously CF Services' Corporate Accounts Division.
The company provides its customers with access to consumer goods and services, pharmacy, and health and wellness services in communities across America. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility and mail service, along with respiratory services.
These services improve health outcomes and lower costs for payers including employers, managed care organizations, health systems, pharmacy benefit managers and the public sector. The company operates 8057 drugstores in all 50 states, the District of Columbia and Puerto Rico.
WAG is trading down 0.11% at $35.81 on Friday. The stock has been trading between $28.53 and $37.35 for the past 52 weeks.