Boots expands into China

Alliance Boots, one of Europe's biggest pharmacy chains, has agreed a deal to buy a stake in a Chinese firm as it looks to expand in the country.

Boots said it will acquire a 12% stake in Nanjing Pharmaceutical Company Limited, for 560m yuan ($88m; £56m).

China, the world's second-largest economy, is home to more than 1.3 billion people, making it an attractive destination for foreign firms. Nanjing is the fifth-biggest pharmaceutical distributor in China.

Boots, which first entered the Chinese market in 2008, said that it was aiming at a 20-30% share of the Chinese pharmaceutical distribution market.

Source: BBC Business News