With CVS stepping away from the clinical trials sector, Walgreens has decided to continue putting its best foot forward in the industry.
Walgreens Boots Alliance has signed a deal with San Francisco biotech startup Freenome Holdings Inc. to join a division which studies blood-based tests for early cancer detection, as reported by Bloomberg.
Walgreens now has a handful of firms signed on for the clinical trials.
CVS recently announced it was leaving the clinical trials arena, and since the company’s departure, Walgreens said it has received several calls from interested companies who were previously working in this sector with CVS.
The Northbrook, Ill., company has been strengthening its healthcare strategy for a number of months now. Last year, Walgreens acquired urgent care provider Summit Health-CityMD for $8.9 billion. It was the retailer’s first move in the on-site healthcare business.
Meanwhile, CVS has taken a much bigger step into the face-to-face healthcare field but said continuing its work in the clinical trials sector no longer aligned with the company’s long-term strategic priorities, according to Bloomberg. CVS acquired Signify Health for $8 billion and Oak Street Health for $10.6 billion.
Both Signify Health and Oak Street Health, which is used mostly by senior citizens, carry a network of staffed clinics. Signify Health is perhaps best known for its home health business. Oak Street’s Medicare-focused services complement CVS’s own assets, including its 1,100-plus MinuteClinics.
