Landon Capital

In a strategic move announced on Thursday, Walgreens Boots Alliance (NASDAQ:WBA) has once again downsized its involvement in Cencora, previously recognized as AmerisourceBergen (NYSE:COR), pocketing approximately $674 million by offloading shares in the U.S. drug distributor.

With this recent share sell-off, Walgreens now holds roughly 15% of Cencora’s stake, confirming its intent to leverage the generated funds to alleviate existing debt. Despite this divestment, Walgreens maintains its position as the largest single shareholder within Cencora’s domain.

Cencora, formerly known as AmerisourceBergen, pivoted to adopt a new identity earlier in 2023, aiming to extend its footprint globally, transcending its conventional drug distribution realm. This nomenclature shift took effect in the latter half of the same year.

This move isn’t an isolated instance in Walgreens’ portfolio management playbook. In August, the drugstore giant previously liquidated a portion of its Cencora shares, amassing approximately $1.85 billion.

The ever-evolving landscape of Walgreens’ investment strategies continues to shape its relationship with Cencora, as both entities navigate the shifting currents of the pharmaceutical industry.