New agreement to run 10 additional years through March 2029.
CAMP HILL, Pa. – Rite Aid Corp. and McKesson Corp. announced an agreement to key terms that will continue the companies’ pharmaceutical sourcing and distribution partnership for an additional 10 years. Under these terms, McKesson will continue providing Rite Aid with sourcing and direct-to-store delivery for brand and generic pharmaceutical products through March 2029.
Rite Aid and McKesson have a long history as trusted partners in ensuring the availability of essential medications to patients. The new terms create efficiencies and opportunities for future growth by leveraging the strength of Rite Aid as one of the nation’s leading drugstore chains and McKesson as a leader in pharmaceutical sourcing and supply chain management.
“After a careful and comprehensive review of our drug purchasing options, continuing our partnership with McKesson will provide our company with a combination of competitive drug pricing and operational flexibility that creates the most value to all Rite Aid stakeholders,” said John Standley, chief executive officer of Rite Aid. “McKesson has been a valued partner of Rite Aid for more than 20 years, and we’re excited to continue our partnership under new terms that will leverage the strengths of both organizations to help drive future growth.”
“I am extremely proud of the strength of McKesson’s global sourcing capabilities and industry-leading service levels, which uniquely creates value for our customers and the patients they serve,” said Brian Tyler, president and chief operating officer, McKesson Corporation. “Rite Aid has been a long-standing valued customer to McKesson, and we look forward to our ongoing partnership.”
Rite Aid Corporation (NYSE: RAD) is one of the nation’s leading drugstore chains with fiscal 2018 annual revenues of $21.5 billion. Information about Rite Aid, including corporate background and press releases, is available through the company’s website at www.riteaid.com.