Walgreen, Express Scripts reach agreement

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CHICAGO, July 20 (UPI) -- Walgreens and Express Scripts announced a multiyear pharmacy network agreement allowing Walgreen to fill prescriptions managed by Express Scripts.

Walgreens, the nation's largest drugstore chain, and prescription benefit manager Express Scripts agreed Thursday to make Express Scripts prescriptions available at Walgreens and Duane Reade stores beginning Sept. 15, the companies reported in a press release.

Terms of the agreement were not disclosed.

Disputes over payments started in June 2011 and forced an end to the partnership between the two companies in early 2012, The New York Times reported. The dispute reportedly cost Walgreens $4 billion in annual revenue.

"As I've said, we are in the business of providing a broad range of pharmacy, health and wellness services to help meet the needs of all of our customers," said Greg Wasson, president and chief executive officer of Walgreens. "I am pleased that Walgreens and Express Scripts have been able to reach an agreement that works for both parties and is consistent with our company's principles. This agreement is good for our shareholders, our employees and the patients and communities we serve every day. We look forward to once again filling prescriptions and offering our health and wellness services as part of the Express Scripts network."

News of the agreement sent Walgreens shares 11.8 percent higher Thursday to $34.62 per share and Express Scripts shares up 1.85 percent to $58.76 per share.