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InvestmentsWalgreens weighing deal to buy Evolent Health

Walgreens weighing deal to buy Evolent Health

© Reuters. FILE PHOTO: A pedestrian passes an indication for a Walgreens pharmacy in Somerville, Massachusetts, U.S., June 29, 2017. REUTERS/Brian Snyder/File Photo

(Reuters) – Pharmacy chain Walgreens Boots Alliance (NASDAQ:) Inc is contemplating an acquisition of healthcare IT agency Evolent Health (NYSE:) Inc, Bloomberg News reported on Wednesday, citing individuals conversant in the matter.

Shares of Arlington, Virginia-based Evolent rose as a lot as 18% after the report, earlier than paring some features to commerce up practically 9%.

The talks are ongoing and there’s no certainty Walgreens will transfer ahead with a suggestion to buy the corporate, in accordance to the report.

Evolent declined to remark, whereas Walgreens didn’t instantly reply to a Reuters request for remark.

Walgreens beforehand stated it was centered on making strategic investments to construct on its core pharmacy enterprise. It made a $970 million funding final week to purchase a majority stake in specialty pharmacy firm Shields Health Solutions.

Evolent had a market worth of $2.36 billion, based mostly on Tuesday’s shut. The firm reached an settlement with activist investor Engaged Capital final 12 months to appoint a brand new director and create a brand new board committee.

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