Sept 2 (Reuters) - U.S. health insurer Cigna Group ( CI )

unit Evernorth Health will invest $3.5 billion in Shields

Health, the company said on Tuesday, bolstering its presence in

the fast-growing specialty pharmacy business.

The investment comes as Shields transitions to a private

company following the acquisition of its former parent,

Walgreens Boots Alliance, by Sycamore Partners for $10 billion.

Specialty pharmacies sell medications that require extreme

care in handling, storage and distribution, often for patients

with complex conditions such as cancer, multiple sclerosis and

rheumatoid arthritis.

Evernorth operates specialty pharmacy Accredo.

"Demand for specialty 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," said

Cigna ( CI ) CEO David Cordani.

The investment also provides the option for additional

investment in Shields, Cigna ( CI ) said.

Shields supports hospitals and health systems in developing

and managing their own specialty pharmacy programs.

The company partners with more than 80 health systems,

encompassing more than 1,000 hospitals and clinics across nearly

all 50 U.S. states.

Evernorth's investment in Shields is in the form of

preferred stock and is not expected to have a material impact on

Cigna's ( CI ) previously issued 2025 adjusted profit forecast, the

company said.

(Reporting by Sriparna Roy in Bengaluru; Editing by Mrigank

Dhaniwala and Sriraj Kalluvila)