Centene to cut debt with $2.8 billion expected funds from asset sales

By Devika Patel

Knoxville, Tenn., May 5 – Centene Corp. intends to use most of the approximately $2.8 billion of expected proceeds from the sales of Magellan Rx and PANTHERx Rare to reduce debt and repurchase stock, according to a press release.

The company plans to sell Magellan to Prime Therapeutics LL,C and PANTHERx will be bought by a consortium of the Vistria Group, General Atlantic and Nautic Partners.

Centene is a St. Louis-based health care enterprise.

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