(Reuters) – Centene Corp said on Thursday it has agreed to divest two of its pharmacy businesses for about $2.8 billion, as a part of the heath insurer’s strategy to exit the pharmacy benefit management space.
Pharmacy solution organization Magellan Rx will be sold to Prime Therapeutics LLC, while Centene’s PANTHERx pharmacies will go to a consortium of private equity firms including The Vistria Group, General Atlantic and Nautic Partners.
Magellan Rx was a part of Centene’s $2.2 billion acquisition of Magellan Health in 2021.
Centene said it intends to use the majority of the net proceeds from the sales to repurchase stock and the rest to reduce debt.
(Reporting by Mrinalika Roy in Bengaluru; Editing by Devika Syamnath)
