ABC - AmerisourceBergen to rename as Cencora with aim to expand beyond US

Drug distributor AmerisourceBergen ( NYSE: ABC ) is planning to rename as Cencora in an effort to boost business outside the U.S. and beyond medicine distribution, The Wall Street Journal reported.

The name change for the Conshohocken, Pa.-based company is expected to go in effect in H2 2023.

The company began exploring the process to change its name about 1.5 to 2 years ago and the new name was chosen as it gives rise to the ideas of center and core, suggesting AmerisourceBergen's work in helping with access to drugs, the report added.

The renaming could also help the company move past allegations of its alleged role in fueling the opioid crisis. However, CEO Steven Collis said this was not a factor, according to the report.

AmerisourceBergen has been embroiled in lawsuits over its alleged role in flaring the opioid crisis in the U.S. In December, 2022 the Department of Justice ((DoJ)) filed a civil lawsuit against AmerisourceBergen over suspicious opioid orders.

In April 2022, three leading drug distributors in the U.S., including AmerisourceBergen, reached a multibillion-dollar settlement with a group of state attorneys general to resolve the vast majority of the opioid lawsuits filed against the companies.

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