The closing . Centene (the Company, our, or we) intends such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for purposes of complying with these safe-harbor provisions. Prime Therapeutics' Acquisition of Magellan Rx from Centene. You can seethe complete list of todays Zacks #1 Rank (Strong Buy) stocks here. Magellan Rx is a valuable asset, and under different ownership we believe it will continue to thrive as a next-generation pharmacy solutions organization. ~ Centene to sell Magellan Rx to Prime Therapeutics ~, ~ Centene to sell PANTHERx to The Vistria Group, General Atlantic, and Nautic Partners ~, ~ Centene expects to receive aggregate proceeds of approximately $2.8 billion ~, ~ Two significant milestones in value creation program and ongoing portfolio review ~. "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," said Sarah London, Chief Executive Officer of Centene. Full Professor (Professore Ordinario) - Politecnico di Torino As pioneers in medical pharmacy management, Magellan Rx offers industry-leading specialty solutions that serve more than 16 million members. Prime Therapeutics closes $1.35 billion Magellan Rx acquisition, uniting pharmacy and medical drug management expertise, Prime Therapeutics earns accreditation from the National Committee for Quality Assurance, Prime Therapeutics Companies earn URAC re-accreditation in Pharmacy Benefit Management. EAGAN, Minn. Pharmacy benefit manager Prime Therapeutics LLC (Prime) on May 3 entered into a definitive agreement with Centene Corporation to acquire Magellan Health, Inc.s pharmacy business, Magellan Rx Management, (Magellan Rx) for approximately $1.35 billion. The Company takes a local approach with local brands and local teams to provide fully integrated, high-quality, and cost-effective services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. We are thrilled to be joining forces with Prime as we usher in the next chapter of our companys evolution, said Mostafa Kamal, CEO, Magellan Rx Management. corporate governance. Full Professor (Professore Ordinario) Dipartimento di Automatica e Informatica (DAUIN) Politecnico di Torino. Four months after the deal closed, Centene announced that it planned to divest Magellan Health's pharmacy services to Prime Therapeutics, a pharmacy benefit manager launched by Blue Cross and . All forward-looking statements included in this press release are based on information available to us on the date hereof. Centene received Magellan Rx while purchasing . , , , , , , Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Prime Therapeutics earns accreditation from the National Committee for Quality Assurance, Prime Therapeutics Companies earn URAC re-accreditation in Pharmacy Benefit Management. Allen & Company LLC and Evercore are serving as financial advisors to Centene, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as its legal counsel. For the time being, Magellan Rx will operate independently to focus on existing customer commitments. Green-lighting a 300-mile pipeline was a shocking concession included in the debt ceiling deal, but not for one trader who bought 100,000 call options on the owner. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. The sale of Magellan Rx is subject to U.S. federal antitrust clearance, receipt of applicable regulatory approvals and satisfaction of other customary closing conditions and is expected to close in the fourth quarter of 2022. The current portion of long-term debt was $249 million. While Continue reading The post Is $2 Million Enough to Retire on at 55? Dec. 6, 2022, 09:57 AM. Prime Therapeutics is acquiring Magellan Rx to advance integrated "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 . Click to get this free report, UnitedHealth Group Incorporated (UNH) : Free Stock Analysis Report, AMN Healthcare Services Inc (AMN) : Free Stock Analysis Report, Centene Corporation (CNC) : Free Stock Analysis Report, Elevance Health, Inc. (ELV) : Free Stock Analysis Report. They deem these tickers "Most Likely for Early Price Pops.". LOUIS, May 5, 2022 /PRNewswire/ -- Centene Corporation (NYSE: CNC) announced today that it has signed a definitive agreement to sell Magellan Rx to Prime Therapeutics LLC (Prime) and a. "Last year, Centene announced our strategic plan to exit the Pharmacy Benefit Management (PBM) space. The Zacks Consensus Estimate for AMN Healthcares current year bottom line indicates a 44% improvement from the prior-year reported number. While these divestments help the company to focus on more profitable assets, the proceeds from the deals enable it to buy back shares and reduce debt. Prime Therapeutics buying Magellan Health's Rx business for $1.35 Centene relied on Michael Neidorff, but now has more 'team-based ELV beat earnings estimates in all the past four quarters, with an average surprise of 4.1%. The Zacks Consensus Estimate for UnitedHealths 2022 bottom line indicates a 15.8% year-over-year improvement. When typing in this field, a list of search results will appear and be automatically updated as you type. https://www.prnewswire.com/news-releases/centene-signs-definitive-agreements-to-divest-two-pharmacy-businesses-in-separate-transactions-301540748.html, Purchase Order The Company takes a local approach with local brands and local teams to provide fully integrated, high-quality, and cost-effective services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. For $1.5 billion, Centene sold Magellan Rx to Prime Therapeutics, enhancing Prime's pharmacy benefit administration technologies with Magellan's speciality medication management. Prime Therapeutics LLC (Prime) helps people get the medicine they need to feel better and live well. Crude oil traded near $72.50 per barrel while gold rose $5 to $1975 per ounce. Solomon Partners is serving as exclusive financial advisor and placement agent to Prime and McDermott Will & Emery and Fox Rothschild LLP are serving as its legal counsel. Centene divesting two pharmacy businesses for combined $2.8 billion healthcare services. Zacks Equity Research December 06, 2022. 2 min read. Centene Corporation CNC announced that it concluded the Magellan Rx divestiture to Prime Therapeutics LLC. By their nature, forward-looking statements involve known and unknown risks and uncertainties and are subject to change because they relate to events and depend on circumstances that will occur in the future, including economic, regulatory, competitive and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Centene will sell pharmacy solution organization Magellan Rx to Prime Therapeutics LLC, while its PANTHERx pharmacies will go to a consortium of private equity firms including The Vistria Group . In the sale of Magellan Rx, Allen & Company LLC and Evercore are serving as financial advisors to Centene, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as its legal counsel. CENTENE COMPLETES DIVESTITURE OF MAGELLAN RX | Markets Insider Centene uses its investor relations website to publish important information about the Company, including information that may be deemed material to investors. Centene received Magellan Rx while purchasing Magellan Health in . 2022-12-05 | NYSE:CNC | Press Release | CENTENE CORPORATION - Stockhouse Jenine AndersonPublic Relations Manager612.777.5629Jenine.Anderson@primetherapeutics.com, EAGAN, Minn. Prime Therapeutics LLC, a pharmacy benefit manager (PBM) serving nearly, EAGAN, Minn. April 13, 2023 Prime Therapeutics LLC (Prime) is proud, Mostafa Kamal EAGAN, Minn. Prime Therapeutics LLC (Prime), a pharmacy benefit manager (PBM). Prime Therapeutics closes $1.35 billion Magellan Rx acquisition Except as may be otherwise required by law, we undertake no obligation to update or revise the forward-looking statements included in this press release, whether as a result of new information, future events or otherwise, after the date hereof. A retirement fund of that amount can provide $80,000 in annual income - without even touching the principal. Centene to divest two pharmacy businesses for $2.8 billion - Yahoo News Type a symbol or company name. What It Means for Bitcoin and Coinbase. Centene last January completed the previously announced sale of Magellan Specialty Health to Arlington, Virginia-based Evolent Health Inc. The current portion of long-term debt was $249 million. Prime offers utilization management, network management, claims processing, and patient-centric clinical programs to more than 33 million Americans. Centene has completed its $1.35 billion divestiture of Magellan Rx to Prime Therapeutics. Centene Spins Off Panther Rx & Magellan Rx | Anton Health The combined enterprise will have a single go-to-market structure built around three distinct lines of business PBM services, specialty drug management and state government solutions. Centene (CNC) Concludes Magellan Rx Divestment to Prime - Yahoo Finance CNC - Free Report) announced that it concluded the Magellan Rx divestiture to Prime Therapeutics LLC. CENTENE SIGNS DEFINITIVE AGREEMENTS TO DIVEST TWO - Centene Corporation appeared first on SmartAsset Blog. Without limiting the foregoing, forward-looking statements often use words such as "believe," "anticipate," "plan," "expect," "estimate," "intend," "seek," "target," "goal," "may," "will," "would," "could," "should," "can," "continue" and other similar words or expressions (and the negative thereof). This page was last edited on 2 October 2016, at 23:15. The consensus estimate for AMNs top line also indicates 30.1% year-over-year growth. ~ Centene to sell Magellan Rx to Prime Therapeutics ~, ~ Centene to sell PANTHERx to The Vistria Group, General Atlantic, and Nautic Partners ~, ~ Centene expects to receive aggregate proceeds of approximately $2.8 billion ~, ~ Two significant milestones in value creation program and ongoing portfolio review ~. This list of important factors is not intended to be exhaustive. ST. LOUIS The sale of PANTHERx is subject to U.S. federal antitrust clearance, receipt of applicable regulatory approvals and satisfaction of other customary closing conditions and is expected to close in the next two to four months. ST. LOUIS, Jan. 23, 2023 /PRNewswire/ -- Centene Corporation (NYSE: CNC) announced today that it has completed the previously announced divestiture of Magellan Specialty Health to Evolent Health . Magellan Rx is a comprehensive pharmacy solutions organization with leading capabilities in specialty drug management, Medicaid administration, and comprehensive pharmacy benefits management. Anversa degli Abruzzi - Wikimedia Commons "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," said Ken Paulus, president and CEO of Prime Therapeutics. Forward-Looking StatementsAll statements, other than statements of current or historical fact, contained in this press release are forward-looking statements. For more than 20 years, Prime has been making health care work better by helping millions of people get the medicine they need to feel better and live well. The transaction is subject to clearance under the Hart-Scott Rodino Act and receipt of required state regulatory approvals, with an anticipated closing date later this year. , . Today, you can download 7 Best Stocks for the Next 30 Days. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. In the coming months it will work to integrate select business units and functionsand assess its strategic alignment. Centene offers affordable and high-quality products to nearly 1 in 15 individuals across the nation, including Medicaid and Medicare members (including Medicare Prescription Drug Plans) as well as individuals and families served by theHealth Insurance Marketplace, the TRICARE program, and individuals in correctional facilities. Centene divests Magellan Rx to Prime Therapeutics for $1.3 billion Likewise, PANTHERx is a leader in rare and specialty pharmacy, and we are confident this transaction will position the company to effectively grow while ensuringpatients get the critical, specialized care they deserve.". Both brands will remain in the market for up to a year as the company explores new brand opportunities. Centenefocuses on long-term growth and value creation as well as the development of its people, systems, and capabilities so that it can better serve its members, providers, local communities, and government partners. and Terms and It's often said that a million dollars isn't as much as it used to be but how about $2 million? These symbols will be available throughout the site during your session. The company has a strong inorganic growth strategy in place, targeted at expanding the companys markets and increasing its Medicaid membership. healthcare services. Autum Harvest Grape Focaccia (vegan!) Centene currently has a Zacks Rank #3 (Hold). Prime and Magellan Rx will bring value to all stakeholders the two organizations serve through aligned philosophies centered around transparency, member-centricity, and commitment to maintaining the highest clinical standards. Tagged: 07-05-2022 @Daniel Graham Abigail Kagan Adam Marks Alex Farr Andrew Liazos Anthony Ferrara Centene Corporation Clifford Aronson Daniel Powers Daniel Zucker Dawn Peacock Diann Smith Diego Gmez-Cornejo Elaine Kao Elena Coyle Emily Curran Emily Jane . The news follows its agreement in November to divest Magellan Specialty Health to Evolent Health for $750 million. The consensus estimate for AMNs top line also indicates 30.1% year-over-year growth. The Zacks Consensus Estimate for Elevance Healths full-year earnings is currently pegged at $29.02 per share, indicating a year-over-year increase of 11.7%. To read this article on Zacks.com click here. May 05, 2022 - Centene Corporation (Centene) has announced that the payer organization will sell both the pharmacy benefit manager Magellan Rx and pharmacy PANTHERx Rare. Magellan Rx Management, a division of Magellan Health, Inc., is a next-generation pharmacy organization that is delivering meaningful solutions to the people we serve. Together with Corfinium and Superaequum, Sulmo was one of the principal centers of the Paeligni population, maintaining its importance into the . Centene Corporation, a Fortune 25 company, is a leading healthcare enterprise that is committed to helping people live healthier lives. Cision Distribution 888-776-0942 Prime serves more than 33 million people. The Dow fell 0.3%, the S&P rose 0.2%, and the Nasdaq rose 0.5%. In the sale of PANTHERx, Barclays is serving as financial advisor to Centene, and Bass Berry Sims, PLC is serving as its legal counsel. Prime Therapeutics is acquiring Magellan Rx to advance integrated
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