Shares of drug store chain Walgreen (NYSE:WAG) soared Thursday on news that it finally had come to terms with pharmacy benefit manager Express Scripts (NASDAQ:ESRX).
WAG shares were up around 11% in early afternoon trading, helping to recover from nearly 30% losses since last June, when the company failed to renew its contract with Express Scripts. ESRX shares were up a much more modest 1.5%.
Meanwhile, Walgreen competitors CVS Caremark (NYSE:CVS) and Rite Aid (NYSE:RAD) — who had been benefiting from an exodus of Walgreen’s Express Scripts customers — were down 6% and 5%, respectively.
Details of the multiyear contract had not yet been released.
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