(RTTNews) - Shares of clinical and administrative solutions provider Evolent Health, Inc. (EVH) are rising more than 17% Friday morning after the company said Molina Healthcare, Inc. has agreed to buy certain assets of Passport Health Plan, owned majority by Evolent. Molina Healthcare will acquire Passport's brand, operational and clinical infrastructure, and certain provider and vendor agreements.
Evolent Health said it will provide comprehensive services to the plan through the end of the year under the existing terms of its services contract with Passport.
In addition, Molina and Evolent have entered into an agreement for Evolent to provide specialty care management services for cardiovascular care in Kentucky beginning in 2021.
The companies have also agreed for the sale of Passport's real estate holdings to Molina.
Evolent Health stock is currently trading at $9.95. It has traded in the range of $3.50- $12.01 in the past 52 weeks.
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