Corporate News Blog - Magellan Health Announces the Receipt of All Necessary Regulatory Approvals for Acquiring Senior Whole Health
ACCESS Newswire
LONDON, UK / ACCESSWIRE / October 11, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Magellan Health, Inc. (NASDAQ: MGLN), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=MGLN. The Company announced on October 09, 2017, declared the receipt of all necessary regulatory approvals regarding its agreement to acquire Senior Whole Health (SWH). The acquisition is likely to close on or before December 31, 2017, which was earlier expected to close by the end of Q1 2018. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Acquisition Makes Sense from both Strategic and Financial Perspective
Barry M. Smith, Chairman and Chief Executive Officer of Magellan Health, stated that the receipt of all necessary approvals around this transaction is illustrative of both Magellan's and SWH's sound business strategy and execution concerning the acquisition. Barry added that as a leader in managing chronic and specialty populations, this acquisition makes sense from both a strategic and a financial perspective.
Magellan Health Signed an Agreement to Acquire Senior Whole Health in July 2017
News releases suggest that on July 13, 2017, Magellan Health entered into a definitive agreement to acquire SWH. The acquisition would provide Magellan with an opportunity to expand into the Massachusetts Senior Care Options program and New York City's managed long-term care market. The Company plans to leverage SWH's sound, culturally competent clinical model and expertise.
Under the terms of the agreement, Magellan would acquire SWH for approximately $400 million cash, inclusive of a $10 million contingent payment. The Company anticipated paying the purchase price from the proceeds of new debt offerings. The transaction was subject to certain state and federal regulatory approvals as well as standard closing conditions and customary approvals required under the Hart-Scott-Rodino Antitrust Improvements Act.
Magellan Rx Management Collaborates with Health New England to Launch New Hemophilia Management Program
On August 01, 2017, Magellan Health's pharmacy benefit management division, Magellan Rx Management, launched a hemophilia management program in collaboration with Health New England, a non-profit health plan serving the commercial, Medicaid, and Medicare markets. The program is targeted to manage hemophilia utilization on both the pharmacy and medical benefits and aims to improve overall quality of care while reducing unnecessary costs.
Hemophilia is a rare genetic bleeding disorder, for which treatment is expensive and difficult to manage.
About Magellan Health, Inc.
Founded in 1969, Magellan Health is a leader in managing the fastest growing, most complex areas of health, including special populations, complete pharmacy benefits and other specialty areas of healthcare. The Company is based in Scottsdale, Arizona.
About Senior Whole Health, LLC
Established in 2003, Senior Whole Health is a privately held company operating as a health maintenance organization. It provides healthcare benefits to more than 22,000 Medicaid and Medicare-eligible seniors in Massachusetts, New York, and Connecticut. The Company is based in Cambridge, Massachusetts.
Last Close Stock Review
At the closing bell, on Tuesday, October 10, 2017, Magellan Health's stock ended the trading session flat at $84.95. A total volume of 114.85 thousand shares have exchanged hands. The Company's stock price soared 15.97% in the last three months, 24.93% in the past six months, and 53.78% in the previous twelve months. Moreover, the stock rallied 12.89% since the start of the year. The stock is trading at a PE ratio of 24.13 and currently has a market cap of $2.05 billion.
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