(Reuters) -Cigna Group’s unit Evernorth Health on Tuesday said it is investing $3.5 billion in specialty pharmacy company Shields Health.
The investment comes as Shields transitions to a private firm following Sycamore Partners’ acquisition of its parent company, Walgreens Boots Alliance.
Specialty pharmacies sell medications that require extreme care in handling, storage and distribution, often for patients with complex conditions such as cancer, multiple sclerosis and rheumatoid arthritis.
“Demand for specialty medications continues to grow at an accelerated pace, and Evernorth is uniquely positioned to serve the rapidly expanding number of individuals living with complex and chronic conditions and the doctors who care for them,” said Cigna CEO David Cordani.
Cigna owns a specialty pharmacy called Accredo.
(Reporting by Sriparna Roy in Bengaluru; Editing by Mrigank Dhaniwala)
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