Centene has finalized divestiture of pharmaceutical benefit manager, MagellanRx, to Prime Therapeutics, the company said Dec. 5.
The deal was made public in May. Centene said the sales of MagellanRx and specialty pharmacy PantherRx Rare were worth $2.8 billion combined.
In a news release, Prime Therapeutics, owned by 19 Blue Cross Blue Shield companies, said integration planning for the two companies is underway, and both will operate as independent brands for up to a year.
MagellanRx CEO Mostafa Kamal will continue to lead the company and will join Prime Therapeutics' executive team, according to the release.
Centene acquired MagellanRx in January, when it acquired managed care company Magellan Health.
In November, Centene said it plans to sell another Magellan subsidiary, Magellan Specialty Health, to healthcare administration company Evolent Health in a deal worth up to $750 million.