The investment comes as Shields transitions to private ownership following the $10 billion acquisition of its former parent Walgreens Boots Alliance by Sycamore Partners. Specialty pharmacies sell medications that require special storage, handling, and distribution conditions, often used by patients with complex diseases such as cancer, multiple sclerosis, and rheumatoid arthritis.
Evernorth operates the specialty pharmacy Accredo.
“Demand for specialty medicines continues to grow at an accelerated pace, and Evernorth is uniquely positioned to serve the rapidly growing number of patients with complex and chronic conditions, and the physicians who care for them,” said Cigna CEO David Cordani, adding that the deal also provides the opportunity for additional investment in Shields.
These moves align with Cigna’s strategic priorities and its focus on growth in the specialty drugs segment, said JP Morgan analyst Lisa Gill, adding that the companies may have new partnership opportunities.
Shields helps hospitals and health systems develop and manage their own specialty pharmacy programs.
The company partners with more than 80 healthcare systems, covering more than 1,000 hospitals and clinics in virtually all 50 US states.
Evernorth’s investment in Shields is in the form of preferred stock and is not expected to have a material impact on Cigna’s previously released adjusted earnings guidance for 2025, the company said.
Source: Reuters