Centerbridge in exclusive talks to buy Magellan Health: Wall Street Journal

(Reuters) - U.S. healthcare plan and pharmacy benefits manager Magellan Health Inc is in exclusive talks for a possible sale to private equity firm Centerbridge Partners LP, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

The companies could reach an agreement next month, and should the companies strike a deal, Centerbridge may sell Magellan’s assets such as its pharmacy-benefit management business, according to the report.

Shares of Magellan, which was valued at $1.6 billion Wednesday morning, rose as much as 7% on the report.

Magellan and Centerbridge did not immediately respond to Reuters requests for comment.

Reporting by Saumya Sibi Joseph in Bengaluru; Editing by Shounak Dasgupta