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For UWA Business School graduate Chris Bradshaw, the decision to enrol in an MBA seven years ago has more than paid off. After a change in career direction, Chris gained a dream job in the United States and recently played a major role in closing a Mergers and Acquisitions (M&A) deal worth over US$500 million.

The deal, expected to be finalised by June, will see Walgreens' pharmacy benefit management business, worth over $500 million, sold to Catalyst Health Solutions, Inc. As the Manager in Walgreens Strategic M&A team, Chris acted as team lead and was responsible for the day-to-day running of the deal.

Before completing his MBA, Chris was a pharmacist owner, buying and selling pharmacies in Western Australia and the Northern Territory. He decided to pursue a career in business, he explains, because he needed a fresh challenge.

‘Retail pharmacy operations was not providing the stimulation I was looking for in my career,' said Chris. ‘I was concerned about not making a career change before it was too late. I did not want to be looking back in my life with regret for being afraid to try different things outside my comfort zone. In addition, my fiancé at the time (now my wife) worked for KPMG and I was attracted to the large corporate/ financial market ‘buzz'.

‘After completing my MBA in 2006 I moved first to Canada and then Chicago, Illinois to change career. My big opportunity came in April 2008 when I was employed by Walgreens into their M&A team. I was promoted in January 2010, moving from single pharmacy / small chain deals to the larger strategic M&A deals.'

In his current role, Chris is able to combine his background in pharmacy with his love of business. ‘My role is focused on Health & Wellness M&A opportunities including, but not limited to: disease management, employer worksite pharmacy, preventive medicine, health system pharmacy opportunities and urgent care,' said Chris.

‘My role involves business development, financial modelling and analysis, negotiation, legal review with attorneys and management presentations. It is a true M&A role with touch points from deal sourcing through to integration.'

Chris' role as a principal player in Walgreens' M&A function culminated when Walgreens decided to divest its Pharmacy Benefit Management (PBM) business in mid-2010. ‘My role was the team lead for strategic M&A,' explained Chris. ‘With limited supervision from the Divisional Vice President of M&A, Mark Vainisi, the day-to-day running of the deal was my responsibility. My role included working with our investment bankers (Bank of America Merrill Lynch), working with internal resources (over 150 people in Walgreens alone) and external bidders. This is without doubt one of the most difficult and involved M&A deals our team has ever seen due to the complexity of the deal. At signing we had simultaneously 23 different legal documents being negotiated.

‘The MBA at UWA has had a profound effect on my career - not only meeting and sharing ideas with class mates, but also the content and teaching of the lecturers. The lecturer who has had the most impact was Kent Zumwalt, who taught corporate finance. I still remember hearing the mid-western twang as Kent opened my eyes to this exciting field. Of all people (besides of course my wife), Kent has enabled me to not only change careers but find a career doing something I love.

‘The hours are crazy, the work is highly technical, but it is the easiest work I have ever done as I enjoy it so much. To use an old analogy: if you do something you enjoy you will never work another day in your life.

‘The UWA MBA has provided the foundation for a new chapter in my life, with no barriers or glass ceiling except for what I put in my way. The MBA was fantastic; corporate finance classes provided the background for passing my CFA and I use the negotiation class skills every day.'

Walgreens is the United States' largest drugstore chain with fiscal 2010 sales of $67 billion and a market capitalisation value of $40 billion. The company operates 7,689 drugstores across America, in addition to mail, specialty and infusion business lines.

Media references

Heather Merritt
Director, External Relations
UWA Business School
T: +618 6488 8171
M: 0419 950 027
E: [email protected]

Verity Chia
Communications Officer
UWA Business School
T: +618 6488 1346
E: [email protected]