It seems to me investors, and analysts, are not taking the partnership between WebMD and Boots seriously enough, perhaps because the main operations of Boots are in the U.K.
They should not forget, however, that since 2008, Boots is owned by New York City-based Private Equity firm Kohlberg Kravis Roberts in conjunction with Alliance Boots' then Executive Deputy Chairman, Stefano Pessina.
(check Alliance Boots on wikipedia)
Later, in 2012, it was announced that Walgreens would be taking a 45% stake in Alliance Boots, as part of the first part of a three year merger.
“It was announced on 19 June 2012, that Walgreens would be taking a 45% stake in Alliance Boots, as part of the first part of a three year merger. The first part of the merger is costing $6.7bn and is said to be part of a long term process which will benefit both companies. The final stage of the merger will cost $9.5bn when Walgreens takes full control of Alliance Boots, creating the worlds largest Health and Beauty retail group with over 11,000 stores world wide.”
Add to this the recently announced partnership between WebMD and Qualcomm, and the network of alliances becomes quite formidable: