Leerink Partners Remains Bullish on Walgreens Boots Alliance (WBA) Following Announced Joint Venture
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Leerink Partners reiterated an Outperform rating on Walgreens Boosts Alliance (NASDAQ: WBA) following the company's announcement that it will be forming a Strategic Joint Venture with Prime Theraputics, combining the companies' central specialty and mail service businesses.
Analyst David Larsen commented, "This morning Walgreens and Prime Therapeutics announced that they will be forming a strategic alliance, that includes a retail network agreement, and which combines the companies' Central Specialty pharmacies and mail service businesses. Walgreens will be the 'core participant in Prime's national preferred pharmacy network,' and the mail and specialty business will be consolidated by Walgreens. We view this deal as being somewhat significant to Walgreens. It's interesting that Walgreens now has seemingly preferred deals in place with both Optum and Prime, which may be an attempt to counter-act CVS' Maintenance Choice Program. It is unclear what impact this 'transaction' will have on Walgreens' P&L as terms of the deal were not disclosed."
Shares of Walgreens Boosts Alliance closed at $79.39 yesterday.
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