Evernorth Health Services, a subsidiary of Bloomfield-based The Cigna Group, said Tuesday it will invest $3.5 billion in Shields Health Solutions as the specialty pharmacy company becomes a standalone business under private equity firm Sycamore Partners.
The investment, structured as preferred stock, follows Sycamore’s Aug. 28 acquisition of Shields from Walgreens Boots Alliance. Cigna said the deal will not affect its 2025 adjusted earnings guidance of at least $29.60 per share.
Shields, based in Stoughton, Massachusetts, partners with more than 80 health systems and 1,000 hospitals and clinics to develop and manage in-house specialty pharmacies. The market has grown quickly with rising demand for high-cost treatments for chronic and complex conditions.
“Demand for specialty medications continues to grow at an accelerated pace,” said David M. Cordani, Cigna’s chairman and chief executive officer. “Investing in Shields aligns with our commitment to delivering exceptional care across health care settings.”
Evernorth, which provides pharmacy and care management services, said the investment will expand its ability to help providers manage specialty medications and improve continuity of care.
Shields CEO Michael Ham said the deal affirms the company’s health system-focused model, while Sycamore Managing Director Stefan Kaluzny said both firms share a commitment to patient care.
Greenhill, an affiliate of Mizuho, advised Evernorth. Wachtell, Lipton, Rosen & Katz provided legal counsel, and Holland & Knight LLP advised on regulatory matters.
