Envoy, the Nashville-based medical claims processor, is being sold again -- this time to Healtheon/WebMD (HLTH) for a 78% premium to its sales-price in 1998. Quintiles Transnational (QTRN), a clinical trials research company, is selling Envoy for $400 million in cash and 35 million Healtheon/WebMD shares. Quintiles also will issue Healtheon/MD warrants to purchase as many as 10 million Quintile shares.

In morning trading, Quintiles shares were up 23%, or $6.44, to $30, while Healtheon/MD shares were up 11%, or $6.44, to $54. Healtheon/WebMD's volatile shares have traded in the last 12 months between a low of $21.75 and a high of $126.19.

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