PANTHERx, Magellan Rx Sold to a Consortium of Private Equity Investors for $2.8 Billion

Client Type: Private Company

We represented PANTHERx, a specialty pharmacy specializing in orphan drugs and rare diseases, in its sale to a consortium of private equity investors which includes the Vistria Group, General Atlantic, and Nautic Partners. Centene also completed its divestiture of Magellan Rx to Prime Therapeutics LLC. The Combined transaction is valued at $2.8 billion.

In December of 2020, Bass, Berry & Sims represented PANTHERx, in its sale to Centene Corporation (NYSE: CNC), a diversified, multi-national healthcare enterprise that provides a portfolio of services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals.

The deal team was led by Michael Hess and Richard Mattern, and included corporate attorneys Price Wilson, Oscar Thomas, Shayan Ahmed, Bryan Metcalf, Philip Lewis, Taylor Curtis and Rebecca Payton. Shannon Wiley, Mary Beth Fortugno and Jeanne Marie Evans advised on healthcare matters. Emily Burrows and Shelley Thomas advised on intellectual property matters. Lymari Cromwell advised on labor and employment matters. Lucas Smith advised on litigation matters.

Mike Hess said of the deal, “it is a shining example of how we work cross office and cross discipline to serve the needs of clients in the life sciences industry. We are truly grateful for our 15-year partnership with PANTHERx and look forward to supporting their future growth and success.”

To read the full press release of the transaction, click here. The transaction was highlighted in several media outlets, including:

Based in Pittsburgh, Pennsylvania, PANTHERx is a national leader in rare disease pharmacy. They specialize in orphan drugs and serve patients by making the process to acquire to rare medications more patient-friendly.

Centene Corporation (NYSE: CNC) is a multi-national leading healthcare enterprise. The company provides services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. Centene also serves several international markets, and contracts with other healthcare and commercial organizations to provide a variety of specialty services.

Deal Recognition

This deal was named a winner in the following category for the 22nd Annual M&A Advisor Awards in 2023:

  • M&A Deal of the Year (Between $1B-$5B)

The firm also was recognized in the Private Equity Deal of the Year (Between $250MM-$1B) category for its work on the acquisition of Trean by Altaris. Read more about the 2023 M&A Advisor Awards here.

We represented PANTHERx, a specialty pharmacy specializing in orphan drugs and rare diseases, in its sale to a consortium of private equity investors which includes the Vistria Group, General Atlantic, and Nautic Partners. Centene also completed its divestiture of Magellan Rx to Prime Therapeutics LLC. The Combined transaction is valued at $2.8 billion.

In December of 2020, Bass, Berry & Sims represented PANTHERx, in its sale to Centene Corporation (NYSE: CNC), a diversified, multi-national healthcare enterprise that provides a portfolio of services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals.

The deal team was led by Michael Hess and Richard Mattern, and included corporate attorneys Price Wilson, Oscar Thomas, Shayan Ahmed, Bryan Metcalf, Philip Lewis, Taylor Curtis and Rebecca Payton. Shannon Wiley, Mary Beth Fortugno and Jeanne Marie Evans advised on healthcare matters. Emily Burrows and Shelley Thomas advised on intellectual property matters. Lymari Cromwell advised on labor and employment matters. Lucas Smith advised on litigation matters.

Mike Hess said of the deal, “it is a shining example of how we work cross office and cross discipline to serve the needs of clients in the life sciences industry. We are truly grateful for our 15-year partnership with PANTHERx and look forward to supporting their future growth and success.”

To read the full press release of the transaction, click here. The transaction was highlighted in several media outlets, including:

Based in Pittsburgh, Pennsylvania, PANTHERx is a national leader in rare disease pharmacy. They specialize in orphan drugs and serve patients by making the process to acquire to rare medications more patient-friendly.

Centene Corporation (NYSE: CNC) is a multi-national leading healthcare enterprise. The company provides services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. Centene also serves several international markets, and contracts with other healthcare and commercial organizations to provide a variety of specialty services.

Deal Recognition

This deal was named a winner in the following category for the 22nd Annual M&A Advisor Awards in 2023:

  • M&A Deal of the Year (Between $1B-$5B)

The firm also was recognized in the Private Equity Deal of the Year (Between $250MM-$1B) category for its work on the acquisition of Trean by Altaris. Read more about the 2023 M&A Advisor Awards here.