The Goodwin team advised Shields Health Solutions, its management team and UMass in connection with Walgreens Boots Alliance’s (Nasdaq: WBA) majority investment in Shields. The approximately $970 million investment will support the continued growth of Shields’ health system-based specialty pharmacy strategy, and builds on a minority equity investment that WBA announced in July 2019. The new investment gives WBA approximately 71 percent ownership of Shields, with an option to acquire the remaining equity interests in the future. Shields’ other equity holders will also have the option to require WBA to purchase the remaining equity interests, under the agreement.
Under the agreement, Shields’ other equity holders will also have the option to require WBA to purchase the remaining interests. The transaction is subject to the expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other customary closing conditions and is expected to close by the end of the second quarter of WBA's 2022 fiscal year. Following the completion of the majority investment, Shields will continue to operate as it does today, managed under current executive leadership and as a distinct brand and entity.
Improving lives and elevating performance is at the heart of everything Shields does. More health system leaders trust Shields to help them elevate and scale clinical, operational and ﬁnancial performance. Not just within specialty pharmacy, but throughout the entire health system. Shields leverages its proven collaborative care model; integrated care technologies; and dedicated teams to produce the superior outcomes your patients deserve and the ﬁnancial results your health system demands. WBA’s investment signifies another step the company is taking to accelerate innovative healthcare models for future growth, providing a platform to further develop health system partnerships and coordinate care for those with complex, chronic conditions.
The Goodwin team was led by Stuart Cable, Ed Amer, Caddy Yates, Janet Andolina, Benjamin Gossels, James Mattus, and James Devendorf.
For additional details on the investment, please read the press release.