(Deerfield, Ill. and Bethesda, Md.) -- Walgreens (NYSE: WAG) (Nasdaq: WAG) and the Cystic Fibrosis Foundation today announced they have completed a transaction giving Walgreens a significant ownership stake in Cystic Fibrosis Foundation Pharmacy LLC, the parent company of Cystic Fibrosis Services Inc.
The transaction gives Walgreens and the CF Foundation joint ownership of two businesses: CF Services, a specialty pharmacy for CF patients and their families; and Pharma Dynamics Inc., a provider of new product launch support and call center services for drug manufacturers. CF Services will continue to operate under its current name and remain based in the same location in Bethesda, Md. Pharma Dynamics Inc. was previously CF Services' Corporate Accounts Division. Terms of the agreement were not disclosed.
As the nation's largest drugstore chain with fiscal 2012 sales of $72 billion, Walgreens' vision is to become America's first choice for health and daily living. Each day, Walgreens provides more than 6 million customers the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice in communities across America. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility and mail service, along with respiratory services. These services improve health outcomes and lower costs for payers including employers, managed care organizations, health systems, pharmacy benefit managers and the public sector. The company operates 8057 drugstores in all 50 states, the District of Columbia and Puerto Rico. Take Care Health Systems is a Walgreens subsidiary that is the largest and most comprehensive manager of worksite health and wellness centers and in-store convenient care clinics, with more than 700 locations throughout the country.
About Cystic Fibrosis Foundation Pharmacy
The Cystic Fibrosis Foundation Pharmacy is a holding company that includes two independent operating entities: Cystic Fibrosis Services and Pharma Dynamics. Established in 1988, Cystic Fibrosis Services is a full-service specialty pharmacy specializing in cystic fibrosis medications, patient advocacy and reimbursement support. Pharma Dynamics, a new entity formerly referred to as Cystic Fibrosis Services' Corporate Accounts Division, provides new product launch support and call center services for drug manufacturers.
About the Cystic Fibrosis Foundation
The Cystic Fibrosis Foundation is the world's leader in the search for a cure for cystic fibrosis. The Foundation funds more cystic fibrosis research than any other organization, and nearly every CF drug available today was made possible because of Foundation support. Based in Bethesda, Md., the Foundation also supports and accredits a national care center network that has been recognized by the National Institutes of Health as a model of care for a chronic disease. The Cystic Fibrosis Foundation is a donor-supported nonprofit organization.
- Jim Graham, Walgreens, 847-315-2925
- Laurie Fink, Cystic Fibrosis Foundation, 301-841-2602