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The United States Department of Justice has just approved Cigna's $ 67 billion merger with Express Scripts.
Cigna, one of the largest health insurers in the United States, announced the deal in March, offering $ 48.75 per share in cash for Express Scripts. The $ 54 billion price was a 31% premium over the Express Scripts stock price at that time, and included Express Scripts debt of approximately $ 15 billion.
The agreement combines a health insurer and a company that helps negotiate lower prices for prescription drugs in the form of rebates on behalf of health insurance plans, and aims to reduce the costs of prescription drugs. health.
Express Scripts is one of three major pharmaceutical benefit managers. At the close of the agreement, scheduled for the end of 2018, it will end on the days of a standalone PBM.
Read more:The lines around health care are being redesigned – and all eyes are on the giant pharmacy, Walgreens.
"We are delighted that the Department of Justice has authorized our transaction and that we are even closer to completing our merger and providing greater accessibility, choice and predictability to our clients and clients as a corporation. combined, "David Cordani said Monday release
The DOJ's approval was the last major hurdle the merger had to overcome after the shareholder vote at the end of August. Companies have yet to get the green light from state insurance agencies, which they have obtained so far, 16 said the two companies in a statement released Monday.
In September, the Wall Street Journal reported that the DOJ was about to approve the Cigna-Express Scripts transaction and the $ 69-billion merger of CVS Health with insurer Aetna. can pass through.
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