Friday, July 3, 2015

AmerisourceBergen shares rise 7 pct. on Walgreens deal

The pharmaceutical wholesaler based in the Philadelphia area agreed to a long-term supply deal with Walgreen and Alliance Boots that calls for the retailers to acquire a minority stake in AmerisourceBergen.

AmerisourceBergen shares rise 7 pct. on Walgreens deal

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AmerisourceBergen, a pharmaceutical wholesaler, signed long-term deals to supply Walgreen Co. and Alliance Boots GmbH. (George Widman / AP)
AmerisourceBergen, a pharmaceutical wholesaler, signed long-term deals to supply Walgreen Co. and Alliance Boots GmbH. (George Widman / AP)

Shares of AmerisourceBergen Corp. were up 7 percent Tuesday morning after the pharmaceutical wholesaler signed long-term deals to supply Walgreen Co. and Alliance Boots GmbH.

The agreement calls for the two pharmacy chains to acquire a minority stake of up to 7 percent in the Chesterbrook-based AmerisourceBergen.

AmerisourceBergen's gain is apparently rival Cardinal Health Inc.'s loss. The Dublin, Ohio-based wholesaler said its contract with Walgreens will not be renewed when it expires in August. Shares of Cardinal Health fell about 7 percent.

Meanwhile, Walgreen, which also owns the Conshohocken-based Take Care Health Systems chain of medical clinics, saw its shares also rise by about 6 percent in morning trading.

Inquirer Columnist
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About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

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