The parent of LloydsPharmacy, McKesson, has sold a number of its European businesses, with the view to 'fully exit' the European region.

McKesson Corporation today (7 July) entered an agreement to sell a number of its European businesses, including in France, Italy, Ireland, Portugal, Belgium and Slovenia to integrated healthcare provider Phoenix Group.

It will continue to operate its business in the UK but said it is ‘exploring’ a path to exit Europe altogether.

McKesson’s chief executive, Brian Tyler, said: ‘We will continue to operate our remaining businesses in the UK, Norway, Austria, and Denmark while also exploring a strategic path forward to fully exit the European region. Our goal is to accelerate our growth strategies, becoming a more focused organization and enabling our mission to improve care in every setting.’

He added: 'Today’s transaction marks an important step in advancing McKesson’s commitment to streamline the business and prioritize investments in the areas where we have deep expertise and are central to our long-term growth strategy.'

It comes after LloydsPharmacy's online arm Echo was renamed LloydsDirect.