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Missouri-based Centene acquires national pharmacy

Insurance company Centene Corp. has closed on a buy for national specialty pharmacy PANTHERx. The pharmacy focuses on orphan drugs and treating rare diseases, and is said to be a unique addition to Centene’s portfolio.

St. Louis-based Centene Corp. has completed a deal for national specialty pharmacy PANTHERx, which specializes in treating rare diseases and is based in Pittsburgh.

Terms of the deal were not disclosed, but Centene President and CEO Michael Neidorff said the deal will bolster his company’s portfolio, according to a release.

“We are pleased to welcome the PANTHERx team to the Centene family,” Neidorff said. “PANTHERx is a leader in rare disease pharmacy and brings a unique capability to our comprehensive pharmacy portfolio. Together, we will ensure patients living with complex and rare diseases get the quality care they deserve.”

PANTHERx Rare posted 2019 revenue of $1.18 billion and has 209 employees, according to Pittsburgh Business Times research. The company placed 1,154 on Inc. magazine’s 2020 list of the nation’s 5,000 fastest-growing private companies, with a 391% growth rate.

As Centene previously said when the acquisition was announced Dec. 15, PANTHERx and its management will continue to operate independently as part of Centene’s Envolve Pharmacy Solutions, a drug management program that includes integrated pharmacy benefit manager and specialty pharmacy services, officials said.

Centene Corp. is the St. Louis region’s largest public company, providing managed health care services through government-sponsored and commercial health care programs.