Two major healthcare companies made significant M&A news this week.

Walgreens announced Tuesday that it has entered into a definitive agreement to buy the remaining 30% stake in Shield Health Solutions for $1.37 billion. 

Walgreens initially invested in the specialty pharmacy in September 2021 and the deal is expected to close by the end of 2022. According to a company press release, Shields serves more than 1 million patients across nearly 80 health system partners. 

Shields generated pro forma sales growth of 57% during the first nine months of 2022 and is slated to be a key driver of Walgreens’ capabilities in the specialty pharmacy and primary care space.

“Our full acquisition of Shields will complete another major milestone as part of our consumer-centric healthcare strategy to drive sustainable long-term growth, and we are very pleased with our partnership and integration with Shields,” Walgreens CEO Roz Brewer said in a statement.

As part of the deal, Shields will operate as a “distinct business and brand” within Walgreens. John Lucey will take over as CEO of Shields while current CEO Lee Cooper will take on a new executive role within Walgreens. 

Additionally, Gilead completed its $405 million purchase of MiroBio, a privately-held U.K.-based biotech. Gilead first announced the deal last month. 

Gilead’s acquisition of MiroBio folds in the company’s portfolio of immune inhibitory receptor agonists, highlighted by its lead investigational antibody, MB272. 

“Inflammation is a key area of focus for Gilead, and MiroBio’s novel discovery platform technology and pipeline provides the opportunity to develop potentially best-in-class large molecule therapeutics to help patients with currently unmet medical needs,” Flavius Martin, EVP of research at Gilead, said in a statement.