Associates and joint ventures

Investment in associates and joint ventures remains a key component of our Group's activities. Alliance Boots has five principal associate and joint venture business interests, almost all of whom wholesale and distribute pharmaceuticals.

Hedef Alliance Holding A.S.

We have a 50% stake in Hedef Alliance, one of the largest pharmaceutical wholesalers in Turkey. In 2003, the Group supported Hedef Alliance to expand beyond its borders into Egypt through the purchase of a 40% stake in United Company of Pharmacists (UCP), the joint market leader in the Egyptian pharmaceutical wholesale market. In 2006, Hedef Alliance exercised its option to acquire control and majority ownership of UCP.

In 2008 Hedef Alliance, together with UCP, acquired a 30% stake in Hydrapharm Spa, an Algerian pharmaceutical wholesaler.

Andreae-Noris Zahn AG (ANZAG)

Alliance Boots has a 29.99% shareholding in ANZAG, one of the largest pharmaceutical wholesalers in Germany. ANZAG has a subsidiary in Romania and Lithuania and has an associate in Croatia, which also operates in Bosnia Herzegovina, Serbia and Slovenia.

Galenica A.G.

Alliance Boots has a 25.5% shareholding in Galenica, a company listed on the Swiss Stock Exchange. Galenica is a diversified healthcare group active which has a leading position in all the sectors in which it is present. In addition to Switzerland, it has businesses in a further 12 countries.

Alliance Healthcare Portugal

Alliance Healthcare Portugal is our Portuguese associate pharmaceutical wholesale business. Our principal partner is Portugal's national association of pharmacies, Associação Nacional das Farmácias (ANF).

Guangzhou Pharmaceuticals Corporation

Alliance Boots formed a 50:50 joint venture in Guangzhou Pharmaceuticals Corporation (GP Corp) via its subsidiary Alliance BMP on 29 January 2008. The Chinese partner in the joint venture company is Guangzhou Pharmaceutical Company Ltd.