2022-07-14 | NYSE: CNC | Press release
ST. LOUIS, July 14, 2022 /PRNewswire/ — Centene Corporation (NYSE: CNC) today announced that it has successfully completed announcement sale of its PANTHERx pharmacy business to the Vistria Group, General Atlantic and Nautic Partners.
“We are pleased to close this transaction, which represents another key step in our value creation plan and allows us to continue to focus on our core business,” said Sarah LondonCEO of Centene.
Centene acquired PANTHERx in December 2020. Centene intends to use the majority of the net proceeds from the sale to repurchase shares and the balance to reduce debt.
About Centene Corporation
Centene Corporation, a Fortune 500 company, is a leading healthcare company committed to helping people live healthier lives. 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 the underinsured and uninsured. Centene provides affordable, high-quality products to nearly 1 in 15 people nationwide, including Medicaid and Medicare members (including Medicare prescription drug plans) and individuals and families served by the health insurance market, the TRICARE program and people in correctional facilities. The Company also serves several international markets and contracts with other healthcare and commercial organizations to provide a variety of specialized services focused on treating the whole person. Centene is focused on long-term growth and value creation as well as developing its people, systems and capabilities to better serve its members, suppliers, local communities and government partners.
Centene uses its Investor Relations website to post important information about the Company, including information that investors may believe is important. Financial and other information about Centene is regularly published and accessible on Centene’s Investor Relations website, https://investors.centene.com/.
All statements, other than statements of current or historical fact, contained in this press release are forward-looking statements. Without limiting the foregoing, forward-looking statements often use words such as “believe”, “anticipate”, “plan”, “expect”, “estimate”, “intend”, “seek”, “target”, “aim”, “may”, “will”, “would”, “could”, “should”, “may”, “continue” and other similar words or expressions (and their negatives). Centene (the company, our or us) intends that such forward-looking statements be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we include this statement for the purposes of complying with such exemption provisions. In particular, such statements include, but are not limited to, statements about the use of the net proceeds of the transaction, our future operating or financial performance, market opportunities, value creation strategy, competition, business anticipated in completed and future acquisitions, including statements about the impact of our recently completed acquisition of Magellan Health (the Magellan Acquisition), other recent and future acquisitions and divestitures, investments and suitability of our available cash resources. These forward-looking statements reflect our current beliefs regarding future events and are based on numerous assumptions and assessments we have made in light of our experience and perception of historical trends, current conditions, business strategies, operating environments, future developments and other factors. we believe appropriate. By their nature, forward-looking statements involve known and unknown risks and uncertainties and are subject to change as they relate to events and depend on circumstances that will occur in the future, including economic, regulatory, competitive factors and others 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 such forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions. All forward-looking statements included in this press release are based on information available to us as of the date hereof. Except as otherwise required by law, we undertake no obligation to update or revise any forward-looking statements included in this press release, whether as a result of new information, future events or otherwise, after the date hereof. You should not place undue reliance on forward-looking statements, as actual results may differ materially from projections, estimates or other forward-looking statements due to a variety of important factors, variables and events, including, but not limited to:; uncertainty about the expected financial performance of the combined company following the recent completion of the acquisition of Magellan; the possibility that the synergies and value creation expected from the acquisition of Magellan or the acquisition of WellCare Health Plans, Inc. (the WellCare Acquisition) (or other acquired businesses) will not be realized, or do not take place within the respective timeframes; disruption of the integration of the Magellan Acquisition or the integration of the WellCare Acquisition, unexpected costs or similar risks of other acquisitions which we may announce or complete from time to time, including adverse reactions potential or changes in business relationships with customers, employees, suppliers or regulators, making it more difficult to maintain business and operational relationships; a downgrade in the credit rating of our indebtedness; the effort of management’s time and our resources, and other expenses incurred and business changes necessary to comply with commitments related to any regulatory, governmental or third-party consent or approval for acquisitions; changes in expected closing dates, estimated purchase price and increase in acquisitions; restrictions and limitations relating to our indebtedness; the availability of debt and equity financing, on terms favorable to us; inflation; foreign currency fluctuations; and the risks and uncertainties discussed in reports Centene has filed with the Securities and Exchange Commission. This list of important factors is not intended to be exhaustive. We discuss some of these matters, as well as certain other factors that could affect our business, financial condition and results of operations, in greater detail in our filings with the Securities and Exchange Commission (SEC), including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
SOURCE Centene Corporation