Centene sells Magellan RX to Prime Therapeutics for $1.35B

[ad_1]

Centene has finalized a deal to sell Magellan Rx to pharmacy benefit manager Prime Therapeutics for $1.35 billion, the companies announced Monday.

Centene acquired Magellan Health last year and subsequently pledged to divest Magellan Rx and another pharmacy business, PANTHERx Rare, which Centene sold to the Vistria Group, General Atlantic and Nautic Partners in July. Centene will use the proceeds from those deals to repurchase stock and reduce debt, the company said in May.

The health insurer acquired Magellan Rx as part of its $2.2 billion purchase of Magellan Health in January. Centene also plans to sell specialty management service Magellan Specialty Health to Evolent Health for $600 million.

The transactions are part of Centene’s value-creation plan, which it unveiled last year after hedge fund Politan Capital Management invested $900 million in the insurer and demanded higher profits, divestitures and leadership changes.

“We are pleased to continue delivering on our value creation plan with the closing of this transaction, positioning us to remain focused on our core business and strategic priorities on behalf of shareholders,” Centene CEO Sarah London said in a news release.

Mostafa Kamal will remain CEO of Magellan Rx and join Prime Therapeutics’ executive leadership team. Prime Therapeutics is owned by 19 Blue Cross and Blue Shield companies.

“This is a rare opportunity to bring together two highly respected organizations to create an enterprise that is greater than the sum of its parts,” Prime Therapeutics President and CEO Ken Paulus said in a news release.

[ad_2]

Source link

slot gacor slot gacor togel macau slot hoki bandar togel slot dana slot mahjong link slot link slot777 slot gampang maxwin slot hoki slot mahjong slot maxwin slot mpo slot777 slot toto slot toto situs toto toto slot situs toto situs toto situs toto situs toto slot88 toto slot slot gacor thailand slot bet receh situs toto situs toto slot toto slot situs toto situs toto situs toto situs togel macau toto slot slot demo slot pulsa slot pragmatic situs toto deposit dana 10k surga slot toto slot link situs toto situs toto slot situs toto situs toto slot777 slot gacor situs toto slot slot pulsa 10k toto togel situs toto slot situs toto slot gacor terpercaya slot dana slot gacor pay4d agen sbobet kedai168 kedai168 deposit pulsa situs toto slot pulsa situs toto slot pulsa situs toto situs toto situs toto slot dana toto slot situs toto slot pulsa toto slot situs toto slot pulsa situs toto situs toto situs toto toto slot