Alliance Boots acquires Chinese drug wholesaler stake

Zug, Switzerland -- Swiss drugstore chain Alliance Boots said Monday it has acquired a 12% stake in Chinese pharmaceutical wholesaler Nanjing Pharmaceutical Co. for $88.5 million.



The deal follows Walgreen Co.’s $7 billion investment in Alliance Boots in a move to expand into China.



Alliance Boots runs the largest drugstore chain in the United Kingdom.



Walgreen’s initial plan is to acquire about 45% of Alliance Boots with an option to buy the rest of the company in three years.