(Bloomberg) -- AmerisourceBergen Corp. slumped Tuesday after top holder Walgreens Boots Alliance Inc. sold about $2 billion of its remaining stake in the company through an overnight secondary offering and a corporate buyback.

The distributor of generic pharmaceuticals and other health-care products fell as much as 4.4% after Walgreens unloaded 10 million shares in a stock offering -- a position worth $1.6 billion based on Monday’s closing price -- plus about $500 million of shares in a buyback. 

The sale priced early Tuesday at $155.20 per share, a 4.2% discount from Monday’s closing trade, according to a person familiar with the matter, who asked not to be named. AmerisourceBergen shares hit an intraday high on Friday, jumping the most in nearly two years on an outlook that surpassed Wall Street estimates.

The deal represents the largest US secondary offering by a selling holder since Jan. 4, according to data compiled by Bloomberg, when Tencent Holdings Ltd. sold $3 billion of its stake in Sea Ltd. Large stake sales have been limited for most of the year as lower stock prices and higher volatility created a buyers’ market. Holders have unloaded just $11 billion in stock through US secondary offerings this year, an 85% decrease from this point in 2021.

This isn’t the first time Walgreens has trimmed its AmerisourceBergen position. The company sold six million shares at $150 each in May, according to a statement, raising $900 million primarily to repay debt. Walgreens held 52.9 million shares in AmerisourceBergen, a 25.5% stake, as of Aug. 2, according to data compiled by Bloomberg.

Morgan Stanley underwrote this latest stock offering.

(Updates throughout with details on pricing, underwriter, buyback and latest trading.)

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