Evernorth Health Services, part of The Cigna Group, is set to invest $3.5bn in Shields Health Solutions, a company specialising in pharmacy management.
The move comes as Shields transitions into a private company following its acquisition by New York-based private equity firm Sycamore Partners.
Sycamore Partners acquired Shields from Walgreens Boots Alliance, with the transaction finalised on 28 August 2025.
Sycamore managing director Stefan Kaluzny said: “We are pleased to have worked with Evernorth on this investment as Sycamore establishes Shields as a private, standalone company.
“The Shields team and Evernorth share an unwavering commitment to patient care, and we are proud to support Shields on its next phase of growth.”
The investment is structured as preferred stock and is not anticipated to affect The Cigna Group’s 2025 adjusted earnings per share projection of at least $29.60.
Shields assists hospitals and health systems in developing their own speciality pharmacies.
It collaborates with over 80 health systems, including more than 1,000 hospitals and clinics in nearly all 50 states.
The Cigna Group chairman and CEO David Cordani said: “Demand for speciality medications continues to grow at an accelerated pace, and Evernorth is uniquely positioned to serve the rapidly expanding number of individuals living with complex and chronic conditions and the doctors who care for them.
“Investing in Shields aligns with our commitment to delivering exceptional care across health care settings – from home to a physician’s office or clinic, to hospital.”
Evernorth, known for supporting patients with speciality conditions, aims to enhance patient care continuity through this investment.
The investment provides Evernorth with opportunities to expand its support for patients and providers in speciality health care.
Also, there is potential for additional investment in Shields in the future.
Greenhill served as financial advisor to Evernorth, while Wachtell, Lipton, Rosen & Katz and Holland & Knight offered legal counsel on this transaction.
Shields CEO Michael Ham said: “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.
“Both Sycamore’s acquisition of Shields and Evernorth’s support for the transaction demonstrate clear validation of our successful health system-focused speciality pharmacy strategy and patient-focused care model.”
