Both Humana and CVS reportedly expressed interest in buying primary care provider Cano Health, but on the news that CVS is no longer interested, Cano’s stock plunged by more than 42% by the closing bell on yesterday.
CVS wouldn’t comment on the report that it’s abandoning the purchase, according to Barron’s.
Cano did not return a request for comment.
Humana has the right of first refusal in a sale, as part of a 2019 agreement.
Cano Health is a medical provider based in Miami that serves members in Florida, Texas, Nevada, California, Illinois, New Mexico and Puerto Rico. It specializes in primary care for seniors.
Humana has a strong presence in the Medicare Advantage market. Read more.
