Issue: 1144 Date: 7/26/2012
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New deal allows Express Scripts customers to head back to Walgreens in Sept.
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The deadline for pharmacy benefits manager Express Scripts and Walgreens to reach a deal is fast approaching. (Flickr/Stephen Cummings)
Pharmacy chain Walgreens says it will begin filling prescriptions from customers in the Express Scripts network starting in September under a new multiyear contract between the companies.
Walgreen had stopped filling prescriptions for Express Scripts after a contract between the companies ended last year.
Shares of Walgreen Co. jumped 14 percent in pre-market trading while Express Scripts shares rose 3 percent.
Express Scripts Holding Co. said it ended the contract with Walgreen because the drugstore operator wanted a premium compared to what Express Scripts paid other pharmacies.
Walgreen Co. has seen sales slump for several months due to the split, but had said it would rather give up the revenue than continue filling unprofitable prescriptions.
The companies said in a statement Thursday that Walgreen will rejoin a network of pharmacies available to Express Scripts customers starting Sept. 15. Terms of the new contract were not disclosed.
