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.