On Tuesday, Walgreens Boots Alliance declared it would buy the remaining stake in speciality pharmacy company Shields Health Solutions for USD 1.37 billion. Founded in 2012, Shields Health Solutions helps hospitals provide speciality pharmacy services.

Last year, Walgreens spent USD 970 million to raise its stake in the company to 71 per cent, with an option to acquire remaining equity interests in the future.

Speciality pharmacies are designed to deliver medications with unique handling, storage and distribution requirements. These are often designed for patients with complex conditions such as cancer, multiple sclerosis and rheumatoid arthritis.

Walgreens has been seeking to shift its focus beyond drugstores, and last year it raised its stake in primary care provider VillageMD to 63%.

Founded by Charles Rudolph Walgreen in 1901, Walgreens is a firm, operating the second-largest pharmacy store chain in the US behind CVS Health. Headquartered in Illinois, it specializes in filling prescriptions, health and wellness products, health information, and photo services.