Walgreens Boots Alliance has raised approximately $1.1 billion through the sale of shares in drug distributor Cencora, formerly known as AmerisourceBergen. This latest transaction has reduced Walgreens’ stake in Cencora from about 12% to approximately 10%.

The pharmacy retailer stated that the proceeds from the sale will be allocated mainly towards debt repayment and general corporate needs, as part of its ongoing strategy to enhance capital efficiency and focus on its retail pharmacy operations.

Despite the reduction in stake, Walgreens assured that the long-term partnership with Cencora remains unaffected. Ornella Barra, COO of Walgreens, will continue to serve on Cencora’s board, maintaining a strong link between the two companies.

This move follows a similar stock sale in May, where Walgreens sold $400 million worth of shares, decreasing its stake from 15% earlier in the year. The ongoing divestments are part of Walgreens’ broader strategy to revitalize its U.S. business. In June, the company announced plans for a “significant multiyear footprint optimization program” aimed at closing certain underperforming U.S. stores.

For more information, visit Walgreens’ investor relations page.