Fred's announces multi-year agreement for Cardinal Health to be new primary supplier

Fred's Inc. (NASDAQ: FRED), a leading provider of pharmacy services in the southeast and Cardinal Health, Inc. (NYSE: CAH), one of the nation's largest healthcare services companies, today announced a multi-year agreement for Cardinal Health to be the new primary supplier of branded and generic pharmaceutical products to all of Fred's more than 360 in-store pharmacies and EIRIS Health Services in the United States.

Under the agreement, Fred's and Cardinal Health will establish a mutually beneficial strategic alliance designed to support Fred's key initiative of rapid pharmacy growth, and build on a foundation of premier supply chain and asset management tools.

"Fred's is enthusiastic about the partnership we have forged with Cardinal Health and the inventive solutions Cardinal will provide to support our strategic growth," said Bruce A. Efird, Chief Executive Officer of Fred's. "This new alliance puts Fred's in position to achieve our aggressive pharmacy growth goals in retail locations, clinical services, and specialty pharmacy."

"We are excited about the opportunity to provide innovative services to support Fred's strategies for growth, and we look forward to growing this alliance over time," said George S. Barrett, Chairman and CEO of Cardinal Health.