CVS Caremark, Walgreen Reach Agreement on Drug Plans
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Walgreen Co. and CVS Caremark Corp., the largest U.S. drugstore chains, agreed to allow pharmacy-benefits customers to keep filling prescriptions at Walgreen’s locations, ending an 11-day dispute. Both stocks rose.
The companies aren’t disclosing the financial terms of the deal, they said in a joint statement today. Walgreen said June 7 that it would stop taking part in new prescription-drug plans managed by CVS Caremark. Two days later, CVS Caremark announced plans to cut Walgreen out of its retail pharmacy network.