VillageMD and Walgreens Enter Into Transformational Transaction in Which Kinnevik Has Committed to Sell a Minimum USD 340 Million Interest in VillageMD
Kinnevik AB (publ) ("Kinnevik”) today announced its support of the Walgreens Boots Alliance (“WBA”) announcement to invest an additional USD 5.2bn in VillageMD to expand their partnership. As part of this transformational transaction, Kinnevik has committed to sell a minimum USD 340m interest in VillageMD to WBA. After the transaction, Kinnevik expects to retain an approximate 4 percent stake in VillageMD.
WBA and VillageMD have agreed to extend and deepen their partnership as part of a transaction whereby WBA will invest USD 5.2bn to advance VillageMD’s strategic position in the delivery of value-based primary care. The “Village Medical at Walgreens” practices will expand to more than 1,000 locations by 2027, with more than 50 percent of these practices opening in medically underserved communities. In order to support this ambition, Kinnevik has committed to sell a part of its stake in VillageMD for a minimum of USD 340m, and is expected to retain an approximate 4 percent stake valued at approximately USD 535m depending on the final size of Kinnevik’s sale. The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in the fourth quarter of 2021. VillageMD remains a standalone company, with its own board, management, and independent decision-making.
With WBA’s investment, VillageMD can accelerate its strategy of providing comprehensive, coordinated care through its value-based primary care model, including expanding into broader service lines allowing higher engagement with individuals managing chronic conditions or who need an additional level of care.
Georgi Ganev, CEO of Kinnevik commented: “VillageMD has transformed the way primary care is provided in the US, delivering much needed improvements in quality and reductions in costs. The extended partnership with Walgreens is an important strategic step for VillageMD, and Kinnevik remains a supportive shareholder in the company.”
In Kinnevik’s Interim Report for the first half-year 2021, Kinnevik’s investment in VillageMD was valued at SEK 7,858m. The transaction values Kinnevik’s investment at SEK 7.7bn, whereof Kinnevik has committed to sell a minimum SEK 3.0bn stake, and is expected to retain an approximate SEK 4.7bn stake.
This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 15.40 CEST on 14 October 2021.
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Kinnevik’s ambition is to be Europe’s leading listed growth investor, and we back the best digital companies to make people’ lives better and deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.
AttachmentTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
trivago N.V.'s Third Quarter 2021 Earnings Release Scheduled for November 1, 202118.10.2021 15:30:00 CEST | Press release
DÜSSELDORF, GERMANY – October 18, 2021 - trivago N.V. (NASDAQ: TRVG) announced today that it will release its financial results for the third quarter for the period ended September 30, 2021 on Monday, November 1, 2021. On the same day, trivago N.V.'s management will conduct a webcast beginning at 1:15 PM CET / 8:15 AM EDT. These items will be available in the Investor Relations section of the company's website at https://ir.trivago.com/. A replay of the call is expected to be available for at least three months. About trivago N.V. trivago N.V. (NASDAQ: TRVG) is a global hotel and accommodation search platform. We are focused on reshaping the way travelers search for and compare different types of accommodations, such as hotels, vacation rentals and apartments, while enabling our advertisers to grow their businesses by providing them with access to a broad audience of travelers via our websites and apps. Our platform allows travelers to make informed decisions by personalizing their sea
Centessa Pharmaceuticals Subsidiary, Orexia Therapeutics, and Schrödinger Announce Collaboration to Discover Novel Orexin Receptor Agonists18.10.2021 14:00:00 CEST | Press release
~ Discovery efforts will focus on small molecules with differentiated clinical profiles to harness the broad potential of orexin agonism across different indications~ ~ First time Schrödinger is applying its computational platform in an orexin agonist setting enabled by Orexia’s structural biology capabilities ~ NEW YORK, BOSTON and LONDON, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Schrödinger (Nasdaq: SDGR) and Centessa Pharmaceuticals plc (“Centessa”) (Nasdaq: CNTA), together with subsidiary Orexia Therapeutics (“Orexia”), today announced an exclusive collaboration focused on the discovery of novel therapeutics targeting the orexin-2 receptor (OX2R), which is known to play a role in a broad spectrum of sleep disorders including narcolepsy. The collaboration provides Orexia with substantial access to Schrödinger’s entire computational platform as well as Schrödinger’s extensive expertise in ultra-large-scale deployment of its technology. Orexia will leverage Schrödinger’s computational platfo
Saniona completes submission of manufacturing data for Tesomet capsules to U.S. FDA18.10.2021 14:00:00 CEST | Press release
PRESS RELEASE 18October 2021 Saniona (OMX: SANION), a clinical stage biopharmaceutical company focused on rare diseases, today announcedthat it has completed the submission of all information previously requested by the U.S. Food and Drug Administration (FDA) regarding its chemistry, manufacturing and controls (CMC) programfor Tesomet capsules. With this submission completed, Saniona expects to be able to initiate its Phase 2b clinical trials for Tesomet before the end of 2021, as planned. There are multiple potential advantages to offering Tesomet as a capsule rather than a tablet to people living with Prader-Willi syndrome or hypothalamic obesity. Some of these individuals have a tendency to chew tablets, which could disrupt the effectiveness of the fixed-dose combination of Tesomet’s active ingredients. The Tesomet capsules contain the two active ingredients as microspheres, which are expected to minimize the impact of chewing or biting. Additionally, capsules are generally easier t
Saniona slutför inlämningen till FDA av tillverkningsdata för Tesometkapslar18.10.2021 14:00:00 CEST | Pressemelding
PRESSMEDDELANDE 18 oktober 2021 Saniona (OMX: SANION), ett biofarmaceutiskt företag med klinisk utveckling fokuserad på sällsynta sjukdomar, meddelar idag att alla uppgifter som det amerikanska läkemedelsverket FDA tidigare begärt in om bolagets program för kemi, tillverkning och kontroll (CMC) avseende Tesometkapslar nu har lämnats in. I och med att dessa uppgifter lämnats in förväntas Saniona att enligt plan kunna inleda kliniska studier i Fas 2b med Tesomet innan utgången av 2021. Det finns ett flertal möjliga fördelar med att erbjuda Tesomet som kapsel istället för tablett till personer som lever med Prader-Willis syndrom eller hypotalamisk fetma. Vissa av dessa drabbade individer tenderar att tugga sönder tabletter, vilket skulle kunna påverka effekten av den fasta doskombinationen av Tesomets aktiva substanser negativt. Tesometkapslarna innehåller de två aktiva substanserna i form av mikrosfärer, vilket väntas minimera påverkan från tuggande och bitande. Kapslar är dessutom i all
Prosafe SE and subsidiary company Prosafe Rigs Pte. Ltd. - Update on Financial Restructuring18.10.2021 13:30:03 CEST | Press release
Reference is made to the earlier information provided about the ongoing financial process with the lenders, the latest in: (a) a press release dated 13 October 2021 in relation to Prosafe SE's and Prosafe Rigs Pte Ltd's ("PRPL") applications for the Singapore Court to approve the Schemes agreed at the Scheme Meetings of the Scheme Creditors, in HC/OS 997/2021 and HC/OS 998/2021 (the "Sanction Applications"); and (b) a press release dated 14 October 2021 in relation to Westcon Yards AS' confirmation of their formal support of the Schemes. At the hearing of the Sanction Applications on 18 October 2021, the Singapore Court sanctioned the Schemes and permitted the insertion of a new clause 8.4 in the Schemes (as mentioned in the press release dated 13 October 2021). Prosafe SE and PRPL will proceed to lodge copies of the orders made by the Singapore Court with the Accounting and Corporate Regulatory Authority of Singapore. Prosafe SE wishes to thank all parties involved for their support o
Skyharbour Signs Option Agreement with Black Shield Metals Corp to Option 75% of the Mann Lake Uranium Project18.10.2021 13:00:00 CEST | Press release
VANCOUVER, British Columbia, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH)(OTCQB: SYHBF) (Frankfurt: SC1P) (“Skyharbour” or the “Company”) is pleased to announce that it has entered into an option agreement (the “Option Agreement”) with Black Shield Metals Corp. (CSE: BDX) (“Black Shield”) which provides Black Shield an earn-in option to acquire up to a 75% interest (the “Option”) in the Mann Lake Uranium Project (“Mann Lake” or the “Property”) located in the Athabasca Basin, Northern Saskatchewan, Canada. Mann Lake Project Location Map: https://skyharbourltd.com/_resources/SYH_Mann_Lake_Tenure.jpg Under the Option Agreement, Black Shield will contribute cash and exploration expenditure consideration totaling CAD $4,850,000 over a three-year period (“Project Consideration”). Of the Project Consideration, $850,000 will be in cash payments to Skyharbour and $4,000,000 will be in exploration expenditures on the project. Black Shield will also issue to Skyharbour
Hexagon Purus to join the ZeroCoaster project study, collaborating with leading partners to explore and develop the hydrogen value chain for maritime applications18.10.2021 13:00:00 CEST | Press release
Hexagon Purus joins the work package Zero Emission Compressed Hydrogen (ZECH) which is part of the ZeroCoaster project study coordinated by Vard, a major global ship design and shipbuilding company. This study aims to research, evaluate and present zero emission ship design solutions using alternative fuel systems. The ZeroCoaster represents coastal bulk cargo operations in Norway. Systems and component solutions revealed in the project are applicable for scaling and reconfiguring for other maritime applications. The project study is funded by The Research Council of Norway. One of the main objectives is to evaluate and challenge bunkering technologies and logistics operations, with a focus on safety, cost, and capacity. Hexagon Purus will contribute with its knowledge and expertise in storage and distribution of compressed hydrogen gas using Type 4 composite cylinder technology. Sharing knowledge to accelerate zero emission maritime solutions Norway has set a target to reduce emission