By Colin Kellaher

 

Shares of Cano Health Inc. jumped nearly 10% Friday after Bloomberg reported that CVS Health Corp. is in exclusive talks to buy the operator of primary-care medical centers.

CVS is currently conducting due diligence on Miami-based Cano, Bloomberg reports, citing people familiar with the matter.

Representatives for CVS and Cano declined to comment, according to the report.

The Wall Street Journal last month had reported that Humana Inc. and CVS were circling Cano as healthcare heavyweights scramble to snap up primary-care providers.

Analysts at Citi last month said a deal with Humana or CVS could value Cano at $14 share.

Humana has a right of first refusal on any sale of Cano under an agreement struck in 2019.

Cano shares were recently changing hands at $9.67, up 9.4%.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

October 07, 2022 11:14 ET (15:14 GMT)

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