On September 2, 2025, Evernorth Health Services, a subsidiary of The Cigna Group, announced a $3.5 billion investment in Shields Health Solutions, a Stoughton, Massachusetts-based leader in specialty pharmacy management. The investment supports Sycamore Partners’ $10 billion acquisition of Walgreens Boots Alliance (WBA) in August 2025, which restructured WBA into five independent entities, including Shields as a private standalone company.
Shields partners with more than 80 health systems, represents more than 1,000 hospitals and clinics across nearly all 50 states and serves more than seven million patients across more than 30 integrated disease states. Its Shields Performance Platform integrates technology and services to manage in-house specialty pharmacies, enhancing access to limited distribution drugs and reducing total cost of care by 13%.
Evernorth’s investment, structured as preferred stock, is a minority stake and does not confer control. As a standalone company, Shields will continue to execute its health system-focused specialty pharmacy strategy, meeting the accelerating demand for expertise in treating patients with complex, chronic conditions through its patient-focused care model.
According to a source familiar with the deal, this investment is part of the broader financing for the Sycamore acquisition – along with the debt being provided by other parties named in the original deal press release (HPS Investment Partners, Goldman Sachs Alternatives and J.P. Morgan). This positions Evernorth as a financial partner alongside Sycamore’s controlling equity stake and debt financing, with support from Stefano Pessina and his family, who reinvested 100% of their interest in Shields.
“Our team at Shields has been proud to deliver exceptional clinical, financial and operational outcomes for our health system partners and their patients served through our differentiated care model,” said Michael Ham, Shields’ Chief Executive Officer. “With Sycamore’s extensive strategy expertise and conviction in the Shields business and team, we are well positioned to accelerate the delivery of our specialty care model to millions more patients, faster than ever before.”
This news underscores the growing M&A interest in specialty pharmacy as health systems prioritize in-house drug management amid reimbursement pressures. Evernorth’s investment and Sycamore’s acquisition position Shields to scale its 3,000-employee operation and expand its patient reach.
